BTC recovery shows weak spot demand, analyst says

Bitcoin has recently recovered, but spot demand has yet to emerge, crypto analyst Sunny Mom said in a CryptoQuant contribution. Sunny Mom said BTC recently rose from $64,000 to $66,000, driven not by simple short covering but by fresh leveraged positions. Funding rates have not yet reached overheated levels, while spot trading volume has remained dry since April. Futures volume has also stayed near neutral levels rather than surging. Sunny Mom added stablecoin flows have not declined, but their pace has slowed. That suggests capital has not exited the market so much as shifted into a wait-and-see mode. Spot Bitcoin ETFs have recently posted net inflows, Sunny Mom said, but those inflows have not been enough to pull overall spot trading volume out of its dry spell.