Bitcoin’s weakening spot demand is raising concerns about the strength of its recent price stability. CryptoQuant analyst ScenarioX believes the market has entered a fragile phase, with derivatives activity supporting prices while genuine buying interest continues to fade. In his latest market update, ScenarioX noted that Bitcoin’s 30-day spot demand recovered to around negative 80,000 BTC in early July after collapsing during June. However, that improvement proved short-lived as the latest data shows spot demand has slipped back to nearly negative 170,000 BTC.