Bitcoin Exchange Reserves Rise as 30-Day Spot Demand Turns Negative

Bitcoin’s recovery is losing support from direct market buying as 30-day spot demand turns negative again, even as exchange reserves climb and perpetual futures demand stays positive.

Exchange reserves, or BTC held on trading platforms, increased from roughly 2.67 million BTC in early October to about 2.68 million. The total remains below its January level. Rising reserves alone do not establish that holders are selling; transfers may reflect custody changes.

The 30-day spot-demand measure approached zero before slipping back below it. Spot demand tracks direct purchases, while perpetual futures are derivatives, so positive activity in those contracts does not indicate equally strong buying in the spot market.

Activity also differed among holder groups. Holders with 100–1,000 BTC accumulated on net over 60 days, although their buying remained below its late-September peak despite a modest rebound. Net holding declines among the 1,000–10,000 BTC group narrowed toward zero, while the group holding more than 10,000 BTC remained in negative territory.

These rolling figures include activity from before October and can shift when BTC moves between holder groups. The readings point to accumulation that has not yet spread across all tracked cohorts. Conditions for a more durable recovery include positive spot demand, buyers absorbing BTC returning to exchanges and broader accumulation.