Cryptoquant founder Ki Young Ju warned on July 23, 2026, that Bitcoin spot demand is weakening while futures traders maintain net positive positioning, as Bitcoin fell to $65,568, down 0.61% from the previous day's close of $66,101. Ki Young Ju posted on Thursday that futures demand remains net positive but sits significantly lower than during the rebound three months ago, leaving the current rally dependent on leveraged positioning rather than spot buying. The price movement follows a recovery of more than 13% earlier in July from a low near $57,750, though Bitcoin remains about 48% below its October 2025 all-time high above $126,000.
Cryptoquant Analysis Shows Spot Demand Weakness Versus Futures Positioning
Ki Young Ju posted on Thursday that "bitcoin spot demand is weakening" and that "futures demand remains net positive, but is significantly lower than during the rebound three months ago." He shared a Cryptoquant chart tracking 30-day cumulative demand growth in bitcoin terms, showing futures positioning far below the levels seen during the March through May rebound, when futures demand peaked near 250,000 BTC on a 30-day basis. Spot demand, the gray bars on the chart, has stayed mostly negative or flat since June, even as bitcoin bounced off its early July lows. The leading cryptocurrency traded between roughly $65,300 and $66,360 during the 24 hours, according to Bitcoin.com's BTC market statistics.
24-hour trading volume across major platforms ran between roughly $21 billion and $24 billion for spot markets, down from about $28.1 billion on July 22, market data showed. Derivatives activity totaled around $147 billion, with open interest holding near $111 billion. Bitcoin's market capitalization sat near $1.31 trillion to $1.32 trillion on a circulating supply of about 20.06 million coins.
Blackrock IBIT Leads ETF Inflows as Price Consolidates
Spot bitcoin ETFs continued pulling in money even as the price softened. Data showed net inflows of about $203 million on July 21, led by Blackrock's IBIT fund at roughly $164 million, followed by another $69 million on July 22. Long-term holder supply, coins that have sat unmoved for extended stretches, reached a fresh all-time high in recent onchain data. Tesla also retained its Bitcoin position, according to market commentary.
Bitcoin Technical Levels and Trading Volume Data
Resistance has held firm in the $66,500 to $66,800 zone across recent sessions, while the $65,300 to $65,400 area has acted as a floor. A close above $66,800 to $67,000 would open the door to further gains, traders say, while a drop below $65,000 and then $64,000 could trigger deeper profit taking. Reports of attacks on oil tankers in the Red Sea tied to Iran-backed groups pushed West Texas Intermediate crude up nearly 5% toward $91 a barrel, its highest level in weeks. Nasdaq 100 futures fell around 0.75% in one snapshot, pressured further after Alphabet raised its artificial intelligence spending outlook despite beating revenue expectations. The 10 year Treasury yield rose to around 4.70%, with traders pricing in the odds of a Federal Reserve move at the July 28 to 29 meeting.
Derivatives positioning looked slightly bullish heading into the weekend, with open interest holding steady and long short ratios close to even. Community sentiment on major platforms still leaned bullish, with roughly 77% to 80% of respondents in recent polls calling for higher prices.
FAQ
What did Cryptoquant's founder say about Bitcoin demand on July 23, 2026?
Ki Young Ju posted on Thursday that bitcoin spot demand is weakening and that futures demand remains net positive but is significantly lower than during the rebound three months ago. He shared a Cryptoquant chart tracking 30-day cumulative demand growth showing futures positioning far below the levels seen during the March through May rebound, when futures demand peaked near 250,000 BTC on a 30-day basis.
How much did Blackrock's IBIT fund receive in ETF inflows?
Data showed Blackrock's IBIT fund led spot bitcoin ETF inflows with roughly $164 million on July 21, followed by another $69 million on July 22. Total net inflows reached about $203 million on July 21 across all spot bitcoin ETFs.
What are the key technical levels for Bitcoin according to traders?
Resistance has held firm in the $66,500 to $66,800 zone across recent sessions, while the $65,300 to $65,400 area has acted as a floor. A close above $66,800 to $67,000 would open the door to further gains, while a drop below $65,000 and then $64,000 could trigger deeper profit taking, according to traders.
