CryptoQuant analysts recorded one of the sharpest declines in Bitcoin demand over the past six years: in the last 30 days, the combined increase in demand in the spot and perpetual futures market fell by almost 650,000 BTC. Since 2019, the figure has reached such values only three times.

A key feature of the current dynamics is the synchronous decline in interest both at the spot segment and among derivatives traders. This indicates a weakening of organic demand for purchases and a reduction in futures market activity. In CryptoQuant they note: with such a structure, Bitcoin gets fewer new buyers and loses the ability to absorb additional pressure from sellers effectively.

The historical context, however, does not give clear signals. In 2020 and 2022, a similar decline in demand preceded but did not coincide with the formation of the market floor: the indicator returned to the support zone after the end of the bear phase. Analysts believe that the current situation is more reminiscent of the beginning of the final stage of "market cleansing" than a confirmation of trend reversal. Among the likely scenarios is a short-term surge in volatility, followed by a long period of sideways movement and weak price dynamics.