Bitcoin is showing signs of weakening demand in the US market, while steady inflows to exchanges continue to pressure prices. Recent data shows that exchange inflows reached nearly 6,000 BTC in a single day before easing to about 311 BTC the following day.
Even with the slowdown, inflows have stayed positive for 11 straight days, suggesting a constant flow of coins moving into exchanges.
This pattern is often linked to potential selling activity. When Bitcoin is transferred from private wallets to exchanges, it usually signals that holders are preparing to sell, hedge, or reposition their holdings. Analysts say this steady inflow trend may have contributed to the recent price decline.
At the same time, spot demand in the US has weakened. The Coinbase Premium Index shows very limited buying activity from US investors, raising concerns that one of the market’s key demand drivers is currently absent.
Leverage is cooling, but market is still uncertain
Derivatives data show that funding rates have cooled down, which means aggressive long positions have reduced. This lowers the risk of sudden liquidation spikes from over-leveraged traders.
However, funding rates remain slightly positive, so long positions are still present in the market. Traders are now watching closely to see if leverage begins building again or continues to stay low.
Open interest is also below its recent 30-day average of around $26.1 billion. This suggests the market is not currently in a strong speculative phase. Instead, recent price declines appear to have removed a large number of overextended long positions.
Can US spot demand recover?
The biggest question now is whether US spot demand can recover. Without strong buying pressure from US investors, Bitcoin may struggle to regain upward momentum.
For now, the market is balanced between reduced leverage and weak demand. Exchange inflows remain a key signal, and traders are watching closely to see if selling pressure continues or begins to fade.
Notably, Binance Futures has announced the launch of a new USDⓈ-margined perpetual contract, QNTXUSDT, tied to Quantinuum Inc. The contract will go live on 29 May 2026 at 08:15 (UTC) as part of Binance’s expanding Pre-IPO derivatives offering.
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