- Bitcoin’s Apparent Demand has flipped positive after plunging below -200,000 earlier in 2025.
- U.S. spot BTC ETFs recorded five days of net positive inflows totaling approximately $3.06 billion.
- Negative funding rates on Binance Futures signal a bullish outlook.
Bitcoin is moving closer to $100,000 level, and the on-chain data paints a promising picture for what may come next. Among the key indicators, Bitcoin’s Apparent Demand has made a sharp and encouraging rebound. According to a new CryptoQuant Quicktake post by contributor IT Tech, this important measure has turned positive after several tough weeks of decline.
For those unfamiliar, Bitcoin’s Apparent Demand tracks the net demand over a 30-day period by analyzing wallet accumulation and the flow of BTC out of exchanges. A surge in this number often means serious buying pressure is in play, hinting at possible bullish outcomes for the market. Recently, this metric, which reflects changes in one-year inactive supply adjusted for daily block rewards, has shown a strong rise.
Earlier in 2025, Apparent Demand had plunged below -200,000, signaling a worrying drop in market demand. The tide now appears to have turned. IT Tech explained, “The demand pivot is closely aligned with the recent price rebound above $87K, implying this recovery is underpinned by real on-chain behavior rather than purely speculative flows.”
Bitcoin ETF Inflows Strengthen Positive Outlook
The rebound marks the first time since February that Apparent Demand has shifted into positive territory. This change runs parallel with rising inflows into spot Bitcoin ETFs and growing interest from long-term investors. According to Farside data, U.S.-based spot BTC ETFs have recorded five consecutive days of net positive inflows, totaling approximately $3.06 billion. The cumulative net inflow has now reached an outstanding $38.40 billion.
Notably, the last time spot BTC ETFs experienced a full week of inflows was the week ending March 21. Such consistent positive activity strengthens the idea that the recent rally is supported by genuine demand rather than fleeting speculative interest. IT Tech emphasized that previous reversals in Apparent Demand often preceded either major rallies or periods where prices found strong support.
Another CryptoQuant contributor, Avocado_onchain, also provided key insights, pointing out that Binance Futures funding rates remain negative. Historical data shows that deeply negative funding rates often coincide with strong rebounds in BTC’s price, a pattern visible in earlier recoveries.
Analyst Sees Breakout Beyond All-Time Highs
Looking back, when BTC bounced back from corrections in October 2023 and September 2024, funding rates on Binance Futures also went negative during initial rallies. This usually suggested that investors were cautious and defensive, expecting further losses, but it often set the stage for massive upward price movements.
Interestingly, even though Bitcoin has now rebounded more than 20% from its latest lows, Binance Futures funding rates continue to remain deeply negative. Avocado_onchain’s analysis highlighted that after strong rallies, many investors driven by FOMO aggressively opened long positions using leverage, which pushed funding rates higher and often resulted in market corrections.
At the moment, that overheating has not yet happened. Based on how similar scenarios played out in the past, current signals point to a favorable outlook. Avocado_onchain believes that “Bitcoin is highly likely to break through its previous all-time highs,” based on current investor behavior and market patterns.
With Bitcoin’s Apparent Demand recovering sharply, ETF inflows growing steadily, and futures market signs leaning heavily in favor of a breakout, all eyes are on whether Bitcoin can soon shatter its previous records and carve a new milestone in 2025.
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