Bitcoin demand has deteriorated rather than improved, with 30-day cumulative demand estimates falling to -171,000 BTC. Futures demand collapsed from 164,000 BTC to just 3,000 BTC, while spot demand remains deeply negative at -174,000 BTC despite continued ETF inflows. This weakening demand backdrop contrasts sharply with recent price action, as Bitcoin climbed from $74,000 to $84,000 over the past 15 days. The divergence between declining fundamental demand metrics and rising prices suggests current market strength may lack broad-based support from spot and futures participants.