BlockchainBitcoin demand has been weak for months

Bitcoin demand has been weak for months

Bitcoin has been in no man’s land since April. No wonder: BTC demand remains weak, as a new crypto report reveals.

Bitcoin Demand Plummets: What’s Behind the Drop and How Long-Term Holders Are Responding

A recent report from data analytics firm CryptoQuant reveals a sharp decline in Bitcoin’s “visible demand.” The growth rate has plunged from a 30-day increase of 496,000 BTC in April to a negative growth of 25,000 BTC. The primary driver of this decline appears to be a significant drop in purchases by U.S. Bitcoin ETFs. Their daily BTC acquisitions have fallen from approximately 12,000 BTC in March to just 1,300 BTC between August 11 and 17.

Also Read: Next Solana ETF approved in Brazil

As of now, Bitcoin is trading at $59,380, marking a 2.84% decrease over the past 24 hours. The price has also dipped by 2.36% compared to the previous week. This continued low demand has seen Bitcoin’s price fall from around $70,000 in April to below $50,000 in early August.

Adding to the concerns, the price premium for BTC trading on Coinbase, which reached a notable 0.25% at the start of 2024, has steadily decreased to just 0.01%. This decline further highlights the waning demand for Bitcoin in the U.S. market.

Also Read: Ancient Bitcoin wallet awakens after nearly 11 years of deep sleep

However, it’s not all bad news for Bitcoin enthusiasts. Long-term holders are taking advantage of the lower prices to accumulate more BTC. Addresses that have never spent their Bitcoin are increasing their holdings at a monthly rate of 391,000 BTC. Additionally, a new metric shows that nearly 75% of all 19.73 million Bitcoin in circulation have remained unmoved for over six months, indicating strong confidence in Bitcoin’s long-term value as a digital store of wealth.

Also Read: Mike Novogratz’s Top Tip for Learning About Crypto Investing

For those committed to Bitcoin’s future, setting up a regular savings plan through various crypto platforms might be a strategic move. This approach allows investors to steadily accumulate Bitcoin, taking advantage of its potential growth over time.

Florent Malice
Florent Malicehttps://www.newsalarms.com/
Florent is a passionate blockchain enthusiast, dedicated to exploring the intersection of technology and finance. With a focus on blockchain, web crypto, and NFTs, he contributes insightful analyses and updates to NewsAlarms, offering clarity on the evolving landscape of digital assets.

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