Bitcoin metrics indicate weak demand, reflecting increased selling amid weeks of muted price action.
CryptoQuant’s demand indicator, which tracks the difference between the daily total bitcoin block rewards and the daily change in the number of bitcoin, has not moved in a year or more. Inflows to spot bitcoin ETFs have also waned from a monthly pace of 6% in March to just 1% now, CryptoQuant has said.
Still, a few metrics have remained strong: Long-term holders – or wallets that hold for more than six months – have continued accumulating bitcoin at “unprecedented levels,” with the total balance reaching a record-high monthly rate of 391,000 BTC earlier this week.
answer=## Bitcoin metrics indicate weak demand, reflecting increased selling amid weeks of muted price action.
CryptoQuant’s demand indicator, which tracks the difference between the daily total bitcoin block rewards and the daily change in the number of bitcoin, has not moved significantly over the past year or more.
Additionally:
- Inflows to spot bitcoin ETFs have decreased from a monthly rate of 6% in March to just 1%.
- Long-term holders (wallets holding for more than six months) continue accumulating Bitcoin at “unprecedented levels,” with the total balance achieving a record-high monthly increase of 391,000 BTC recently.