CW8900
The negative value of Bitcoin spot demand is the effect of selling by retail investors.
The negative value of $BTC spot demand is increasing further. Additionally, futures demand is also decreasing slightly. While futures demand is driving the rise, spot demand continues to show a negative trend. This is not a good signal, as there can be no bullish rally without spot demand. Despite the rebound, the outflow of spot $BTC has increased further. If this trend continues, the uptrend could be broken. It is important to determine the cause of the current negative value in spot demand for $BTC. Large investors' holdings are increasing. However, retail investors' holdings are showing a declining trend. They are continuing to sell despite the rising price of $BTC. They have acclimated to the decline and are selling during this uptrends. Ultimately, the negative value in $BTC spot demand is caused by retail investors' selling. The important fact is that large investors are still buying.