Bitcoin Demand Collapses to Lowest Level Since 2019

The demand for Bitcoin has dropped to levels seen only three times since 2019, according to data from CryptoQuant. The 30-day growth of combined spot and perpetual futures demand has fallen to a minus 650,000 BTC, with spot demand and perpetual futures demand shrinking at the same time.

This contraction is similar to two comparable readings on the chart, which appeared before the COVID crash in early 2020 and during the 2022 bear market. The structure of the decline matters as much as its depth, with the weakness extending beyond leveraged speculation.

CryptoQuant analyst MoneroDV_ argued that this reading marks the start of an unstable phase rather than a finished correction, and that history adds an important nuance to this development. The deeper minus-650,000 BTC zone has marked the beginning of an unstable phase, not a final low, and recoveries toward the higher support zone have aligned more closely with the March 2020 and late 2022 bottoms.

Capriole Investments' Charles Edwards highlighted a second bearish signal, with Apparent Demand measures showing a minus 8,761 BTC balance, sitting in the bottom 2.6% of its four-year range. However, Edwards noted that the indicator carries a caveat that complicates the bearish case, and that the metrics direct predictive statistics are weak.

The price of Bitcoin remains nearly 50% below its cycle high above $120,000, set in late 2025, with persistent spot Bitcoin ETF outflows removing a key source of structural buying. The June low near $59,000 now acts as the key support, roughly 6% below current levels.