Recovery of BTC Spot Demand and the Gap in U.S. Demand As Bitcoin rises toward the $85K range, on-chain data is showing signs of demand recovery. However, it’s still too early to conclude that this rally is being strongly supported by spot demand. Looking at the Apparent Demand Growth 30D, it improved by about 81K BTC in just one week, from approximately -182K BTC on September 24 to -101K BTC on October 1. While it’s still in negative territory, the rapid reduction in demand contraction suggests that spot demand is recovering. On the other hand, the Coinbase Premium Index remains negative. This indicates that, despite the recovery in Bitcoin’s price and overall demand, U.S. investors’ spot buying pressure has not yet returned in a noticeable way. The key to watch in this rally is the gap between price increases and U.S. spot demand. Even if Bitcoin continues to rise and breaks its previous all-time high, if the Coinbase Premium and on-chain spot demand fail to follow suit, the rally may struggle to sustain itself. In conclusion, Bitcoin demand is currently in a recovery phase, but confirmation of U.S. spot demand is still lacking. Whether the Apparent Demand turns positive and the Coinbase Premium recovers will likely serve as critical signals for determining the sustainability of this rally moving forward.