Bitcoin’s 30-day demand estimate has dropped to -348,000 BTC, marking the weakest November reading recorded on November 10, according to CryptoQuant analyst RugaResearch. The negative figure indicates that selling pressure and weak buying interest continue to outweigh demand, even as spot market activity shows early signs of improvement.
Over a three-day period beginning November 7, spot demand improved by roughly 29,500 BTC, while perpetual futures demand deteriorated by 63,500 BTC. That imbalance created a net decline of about 34,000 BTC, with both spot and derivatives demand components remaining below zero. RugaResearch noted that derivatives activity remains the main source of weakness in the combined demand estimate.
Bitcoin’s price also weakened toward the $70,000 region near the latest chart observation. Negative demand has dominated several periods throughout 2026, though positive readings appeared in August and September before conditions softened again. The rolling 30-day demand calculation changes as new observations replace older readings, so analysts are watching several consecutive closes for confirmation.
“What I want to see next is spot continuing toward zero and the drag from perps easing enough for the combined line to flatten,” the analyst said.
For a more convincing recovery, RugaResearch said traders should watch for spot demand moving toward zero, reduced pressure from perpetual futures, a flattening combined demand line, and stable Bitcoin prices. A sustained shift into positive territory would provide stronger evidence of improving conditions, but a flattening indicator would not guarantee an immediate price rally.
