Bitcoin demand gauge shows weak spot buying

On-chain data indicates a significant slump in Bitcoin's apparent demand, reaching its weakest level since December 2025, despite recent price rebounds into the mid-$70,000s. The rally appears to be driven more by futures trading than by actual spot buying, as evidenced by persistently negative Coinbase Premium data. This suggests that current price levels are vulnerable, as leveraged positions could unwind quickly if fresh spot demand does not emerge, potentially testing the critical $70,000 support level.