According to CoinMeta, despite weak demand for Bitcoin, the price breakthrough indicates potential. New data shows that spot demand is weak, while futures activity is growing, which raises questions about whether we are near a bottom. Ki Young Ju states that currently, Bitcoin is driven by futures, and although interest in opening positions is rising, on-chain spot demand remains net negative. Traders are increasing their futures positions, but the market does not show enough spot investors purchasing directly. Ju believes that a sustained rebound requires the combined support of both spot and futures demand. Lookonchain reports that Metaplanet transferred 1,473 Bitcoins, worth approximately $93.82 million, while Hut transferred 493 Bitcoins, worth about $31.36 million. These large transfers have drawn market attention, but they do not necessarily mean that these two companies sold their Bitcoins. The market is currently facing three signals: increasing futures activity, still net negative spot demand, and large Bitcoin transfers from Metaplanet and Hut.