Cryptoquant’s analysis reveals bitcoin spot demand continues expanding but at a sharply reduced pace. Apparent demand growth fell to 118,000 BTC over the past 30 days, down 48% from its May 27 peak of 228,000 BTC. Critically, demand is now growing below its 30-day moving average (MA), a softening signal noted by Cryptoquant researchers.

Source: Cryptoquant.com

Demand from major players has notably weakened. Whale balances are expanding at just 1.7% month-over-month, less than half the 3.9% rate recorded on May 27. Similarly, daily purchases by U.S. spot bitcoin exchange-traded funds (ETFs) have plummeted to 3,300 BTC—a 66% decline from their April 23 peak of 9,700 BTC.

Cryptoquant emphasizes that sustained rallies typically align with rising demand from these entities. New investor participation is dwindling, accelerating negative momentum. Short-term holder (STH) supply fell by 800,000 BTC since May 27 to 4.5 million BTC. Cryptoquant’s demand-momentum metric hit a record low of -2 million BTC, pointing to severe weakening.

Historically, bull markets rely on new investors absorbing supply from long-term holders. Futures markets reflect caution. Cryptoquant’s Trader Behavior Dominance metric shows traders sold bitcoin to secure profits after prices neared $110,000 last week. As bitcoin prices dipped to $105,000, they opened new short positions, indicating bearish near-term sentiment.

Should demand weaken further, Cryptoquant identifies $92,000 as critical support—the Traders’ Onchain Realized Price, a typical bull-market floor. A breach could see bitcoin test the $81,000 lower band of this metric, the researcher’s report concludes.

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