$BTC
The market structure indicates a recovery: the share of long-term capital is increasing.
CryptoQuant data for 2025 shows a noticeable recovery in market structure. In November, spot trading volumes increased, while activity in futures decreased — a contrasting picture compared to April.
In spring, the market was in a bottom formation phase, and futures volumes dominated, reflecting a high share of short-term speculators. In November, with a similar price pattern, spot volumes increased while futures flows weakened — a sign of a shift in the type of investor.
The growth of spot activity indicates the return of participants willing to hold the asset rather than trade on margin. This makes the market structure more stable and reduces the likelihood of sharp spikes in volatility.
The transition from speculation to accumulation is one of the key markers of the beginning of a full cycle. If the trend continues, it will become the foundation for more stable movement in the next stage of the market.