According to CoinMeta, crypto analyst CW stated that as the spot demand for BTC turns negative, the market has entered a phase of shrinking spot supply and growing futures demand, with the green signal changing to purple. CW pointed out that during the period when BTC rose and then entered a sideways phase, spot demand turned negative again. The key to the current market lies in whether spot demand can recover, and investors need to pay attention to this change in indicators.