Cryptoquant Founder Warns Bitcoin Spot Demand Fades While Futures Traders Hold Steady

Bitcoin slipped to the mid $65,000 range over the 24 hours ending the morning of July 23, 2026, as traders paused after a strong multi-week rebound and Cryptoquant founder Ki Young Ju flagged a widening gap between spot and futures demand.

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. Ki Young Ju’s comment points to a market where leveraged futures buying is providing some lift, while the coin buying that typically anchors a durable rally has not shown up.

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, according to spot volume statistics. Bitcoin’s market capitalization sat near $1.31 trillion to $1.32 trillion on a circulating supply of about 20.06 million coins.

Nasdaq 100 futures fell around 0.75% in one snapshot, pressured further after Alphabet raised its artificial intelligence (AI) spending outlook despite beating revenue expectations, a move that sent the stock lower after hours. 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.

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, a sign that longtime owners kept holding through the dip. Tesla also retained its Bitcoin position, according to market commentary.

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. Bitcoin remains about 48% below its October 2025 all-time high above $126,000.

The Fed’s late July decision stands as the next major catalyst. Continued ETF inflows and the record long-term holder supply offer some cushion, but Ki Young Ju’s data suggests the recovery still depends more on leveraged futures positioning than on the kind of spot buying that tends to mark the start of a sustained move higher.