Bitcoin total demand has risen steadily over the past 30 days to about 170,000 BTC, according to CryptoQuant analyst Darkfost. Demand has turned positive in both spot markets and perpetual futures for the first time since Bitcoin reached its all-time high in October 2025. Although short-term overextension is becoming more apparent, the market appears to have entered an impulsive, demand-driven upswing in which new buying is absorbing selling from investors taking profits. Historical data indicates that simultaneous growth in spot and futures demand has generally accompanied stronger rallies. If demand remains sustained and sufficient to absorb profit-taking, upward momentum could persist even as the market becomes overbought.