CryptoQuant analyst: BTC market structure improves, rebound faces challenges from spot demand

CryptoQuant analyst XWIN Japan stated that the BTC market structure remains constructive, but the subsequent trend depends on whether spot demand can absorb supply. On chain data shows that ETF holdings have increased, and institutional investors continue to absorb BTC; Binance BTC reserves remain between 685000 and 687000, with an average net inflow of 593 BTC per exchange over the past 7 days, indicating potential selling pressure. In terms of derivatives, the open interest contracts decreased from $27.5 billion to $25.7 billion, but the open interest contracts of Binance BTC rose to over $10 billion, indicating that the rebound has not yet been fully driven by spot trading. Short term holders' SOPR has rebounded to above 1, and some long-term dormant BTC have shown signs of activity. The current key is whether spot demand can push BTC to break through the resistance range of $82000 to $83000.