Bitcoin Spot Demand Hits Lowest Level Since January, According to CryptoQuant

Bitcoin's spot market has been experiencing a significant decline in demand, with data from CryptoQuant showing that it is falling at the fastest pace since January 10th.

CryptoQuant's Head of Research Julio Moreno revealed that the Apparent Demand metric, which tracks investor appetite by comparing newly mined BTC to unmoved coins, has declined sharply. According to this on-chain metric, investor demand for Bitcoin has been waning in recent weeks, which may be contributing to its recent price drop.

Moreno noted that the poor performance of US-based exchange-traded funds (ETFs) might be a factor in the decline in spot demand. However, he emphasized that ETFs account for only a small fraction of BTC's demand growth.