CryptoQuant: Bitcoin demand indicators weaken, raising short-term concerns as average daily ETF purchases decline significantly

ChainCatcher news, according to Coindesk, the latest report from crypto analytics firm CryptoQuant shows that Bitcoin demand indicators have significantly slowed since early April, even dropping to negative values this month, raising concerns in the market about Bitcoin's short-term prospects.

Despite the launch of several Bitcoin spot ETFs in January this year, their popularity is cooling down. Data shows that the average daily purchase volume of Bitcoin spot ETFs plummeted from 12,500 units in March (when Bitcoin's price was above $70,000) to just 1,300 units last week. Since their launch, Bitcoin ETFs have attracted a net inflow of $17.5 billion, but the growth rate has clearly slowed. The total holdings of large Bitcoin investors have also decreased from a monthly growth of 6% in March to the current 1%.

However, there are still positive factors in the market. Long-term holders (wallets holding for more than six months) continue to accumulate Bitcoin at record levels, with their total balance reaching a monthly high of 391,000 BTC this week. At the same time, the total market capitalization of stablecoins has climbed to a historic high of $165 billion, which typically indicates increased liquidity in the crypto market and could trigger a price increase.