Analysts: Bitcoin demand recovery remains uneven, but overall outlook remains positive.
TechFlow reports that on September 23, CryptoQuant analyst Darkfost stated that despite the continuous rise in Bitcoin prices, demand recovery remains uneven. Spot demand is negative 180,000 BTC, while futures demand remains at positive 54,000 BTC; average total demand improved over several days from negative 188,000 BTC to negative 126,000 BTC.
Institutional selling pressure has noticeably eased, and the Coinbase Premium Index briefly sent positive signals. ETF demand has strengthened significantly compared to this summer, with cumulative additions reaching approximately 70,000 BTC, and net demand since 2026 has also rebounded to negative 17,000 BTC. Meanwhile, exchange 30-day average net flow data shows that funds experienced continuous net outflows in September, indicating that the broader market remains largely accumulation-oriented.
He notes that investors have not yet increased selling pressure, keeping the overall outlook positive, though some fragility remains. As Bitcoin continues to rally, selling pressure may intensify, at which point subsequent buying demand will be required to absorb it.
