Bitcoin Although demand in the market has weakened significantly since April, some indicators remain strong. According to data shared by CryptoQuant, while the demand indicator recorded negative growth, the savings of long-term investors reached record levels.
There is a Huge Drop in Bitcoin Demand
A significant slowdown in Bitcoin demand has been observed since April, with on-chain data showing that demand has decreased significantly and has turned into negative growth in August. CryptoQuantcommented on this situation as “Bitcoin demand growth, sustainable price recovery and new highs have still not managed to recover.” The company noted that the demand indicator tracks the daily total BTC block reward earned by miners and the daily change in the number of BTC that has not moved for more than a year. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
While miners often turn to selling Bitcoin to cover operational costs, the increase in sales from large investors crypto money The price of Bitcoin, however, has been largely sideways in recent months. The selling pressure following the launch of several spot ETFs in January has weighed on market expectations.
Bitcoin block reward halving in May and January ETF tradingThe start of the year led some bulls to predict the price would reach $80,000 by June, but contrary to expectations, the price has fallen by 20 percent since the historic highs in May. Spot Bitcoin ETFs have attracted net inflows of $17.5 billion since launch, but there are doubts about whether this flow is due to speculative transactions or genuine bullish expectations.
Average daily Bitcoin purchases from spot ETFs in the U.S. fell from 12,500 in March, when the price was trading above $70,000, to an average of 1,300 last week. During the same period, the growth rate of total assets of large Bitcoin investors was 6 percent monthly in March, but is now only 1 percent.
Long-Term Investors and Stablecoins
Still, some indicators have managed to stay strong even during this period of weak prices. Holding Bitcoin for more than six months long term investorscontinuing to accumulate, totaling 391 thousand units BTC On the other hand, the total market value of stablecoins reached a new peak, rising to $165 billion.
While the increase in the market value of stablecoins indicates that liquidity in the cryptocurrency market has increased, this is generally considered as a harbinger of a price increase.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
