CryptoQuant Head Reveals Low Demand Driving Bitcoin Price Decline

CryptoQuant's head of research highlights a recent decline in Bitcoin's demand at higher prices, possibly explaining its price drop.

Key Points:

  • The "Apparent Demand" metric for Bitcoin has turned red recently, indicating low short-term demand.
  • Long-term holders have been selling significant amounts of Bitcoin over the past month.
  • Current short-term demand (30-day Apparent Demand) is negative, while long-term demand (1-year) shows slow growth but remains below the 90-day SMA.
  • The last similar phase of negative short-term demand occurred during a bearish market earlier this year.

BTC Price

  • Bitcoin is currently priced around $103,900, showing a 9% decrease over the past week.

Bitcoin Price Chart