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Bitcoin (BTC) Spot Demand Still Low Despite Massive Price Rally
Despite the recent surge in prices, the spot demand for Bitcoin has remained low, according to a new report by CryptoQuant. The analytics firm’s findings suggest that despite the massive price rally, interest in buying and holding Bitcoin is still lacking.
The report highlights that while there have been significant inflows into Bitcoin ETFs, this stability is not accompanied by a corresponding increase in spot demand. In fact, the data suggests that the demand for Bitcoin has actually dropped further since late March.
This trend of reduced interest in Bitcoin’s recent price action is attributed to the stagnant U.S.-based spot Bitcoin ETF flows. The report notes that these stable ETF flows have been consistently moving between -5,000 and +3,000 BTC per day, a stark contrast to previous bull cycles where demand would surge during such events.
As a result, this negative demand momentum has sparked concerns among existing holders and investors who had hoped for further price appreciation. The report concludes that the lack of spot demand is unlikely to support sustained upside in Bitcoin’s price unless it can recover from its current negative trajectory.
In related news, a tweet by Peter Brandt, a well-known crypto analyst, highlights the potential for Solana (SOL) to outperform Ethereum (ETH).
Source: https://u.today/bitcoin-btc-spot-demand-still-low-despite-massive-price-rally
