Bitcoin Rises, But Demand in the Spot Market Remains Weak

The rise of Bitcoin may be unstable due to insufficient support from the spot market. Experts from CryptoQuant noted that the market structure resembles the periods of January to March 2026, when derivatives dominated. Analysts believe that growth without sustainable spot demand appears less convincing, and therefore recommend focusing on risk management. Meanwhile, data from CryptoQuant indicates a recovery in trading activity, as trading volumes in the spot market and perpetual futures market surged sharply on August 21 amid rising Bitcoin prices. Previous spikes in volume were usually accompanied by sell-offs, but this time, activity increased alongside a 24% rise in Bitcoin, indicating a predominance of buying. Analysts believe that the recovery in volumes may signal a transition of the market from a bearish to a bullish phase.

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