Bitcoin Demand Crashes to Rare Low Amid Persistent Outflows

Bitcoin's demand has dropped to a level not seen since 2019, according to CryptoQuant data. The 30-day growth of combined spot and perpetual futures demand has fallen to minus 650,000 BTC, which is a rare occurrence.

This reading marks the start of an unstable phase rather than a finished correction, as argued by CryptoQuant analyst MoneroDV_. He noted that this level has previously marked the beginning of an unstable phase, not a final low. Recoveries toward the higher support zone aligned more closely with the March 2020 and late 2022 bottoms.

Capriole Investments' Apparent Demand metric also shows a bearish signal. The current reading sits in the bottom 2.6% of its four-year range, indicating weak conditions over the next 7 to 30 days. However, the indicator's direct predictive statistics are weak, making it a secondary bearish input rather than a dominant price driver.

Bitcoin's price remains nearly 50% below its cycle high above $120,000 and has been experiencing persistent spot Bitcoin ETF outflows since May and June. The current support level is near $59,000, which could expose the realized price near $53,600 if broken.