CryptoQuant: Bitcoin Supply-Demand Shift Uneven, Strong Recovery Faces Hurdles

The interesting signal here is the divergence rather than the headline: spot demand slipping back negative while perpetual futures stay positive suggests leverage is carrying sentiment, not fresh spot buying. Whale positioning reinforces that caution — mid-tier accumulation is fading from its late-September peak and the largest holders are net sellers, even as exchange reserves remain well under January levels. The open question is whether perp demand can keep offsetting weak spot flows without a broader spot revival, and whether the largest holders' selling persists.