Bitcoin Demand Collapses to Rare Level Amid Broader Market Weakness

Bitcoin demand has reached an all-time low in three years, according to CryptoQuant data. The 30-day growth of combined spot and perpetual futures demand has fallen to minus 650,000 BTC, a level last seen only twice since 2019.

The first instance was before the COVID-19 crash in early 2020, while the second was during the 2022 bear market. This contraction is significant as it affects both spot and perpetual futures demand, indicating a broader weakness beyond leveraged speculation.

CryptoQuant analyst MoneroDV_ argues that this reading marks the start of an unstable phase rather than a finished correction. He notes that the most probable path is an initial expansion in volatility, followed by a period of price 'anesthesia': weak momentum, compressed activity, and prolonged sideways action.

Capriole Investments' Charles Edwards also highlighted a bearish signal, with Apparent Demand measuring whether new buying absorbs fresh coin issuance and long-dormant supply returning to circulation. The current reading shows a minus 8,761 BTC balance, sitting in the bottom 2.6% of its four-year range.