Bitcoin demand drops 650,000 BTC; spot and futures reduce exposure simultaneously

Bitcoin demand is collapsing as price holds $62,000. The 30-day growth of spot plus perp demand has fallen to one of the most extreme readings since 2019.

Analyst MorenoDV tracks combined demand nearing -650,000 BTC. This threshold appeared only three times in the dataset. The rarity flags structural stress, not a routine slowdown. See chart from CryptoQuant: Bitcoin spot and perpetual demand growth.

Both spot buyers and perpetual futures participants are pulling back together. So organic dip absorption and leveraged conviction are shrinking in parallel. Marginal buying capacity thins out.

In prior extremes, this was not the bottom. Before the COVID crash, demand had already broken down. Then capitulation hit weeks later. In 2022, the same signal mapped a prolonged base-building phase, not a single reversal.

MorenoDV expects volatility to expand first. Then “price anesthesia” may follow — weak momentum and compressed activity over time. This phase can drain conviction more than a sharp selloff. Reference: CryptoQuant chart, NewsBTC market context.

Price check. Bitcoin trades just above $62,000 and the 100-week MA. Buyers reacted near this long-term support. See chart: BTCUSDT on TradingView.

But structure is fragile. Rejection at $72,000–$74,000 confirmed resistance. The March–May range failed, unleashing the drop to current support.

Key levels:
- $60,000–$63,000 support. Hold to build a base.
- Mid-$50,000s risk on a decisive break below.
- $66,000 is the former support to reclaim.
- $72,000 remains the resistance to beat.

Headline: Bitcoin demand crash hits rare extreme; price holds $62k atop 100-week MA