CryptoQuant: Bitcoin Rally May Not Last Without US Spot Demand

• —Apparent demand rose from -182,000 BTC on Sept. 24 to -101,000 BTC on Oct. 1
• —The roughly 81,000 BTC weekly improvement still leaves the metric below zero
• —Coinbase Premium Index remains negative, showing no US spot buying recovery
• —Even a new all-time high may not be enough without stronger demand confirmation