After what feels like a never-ending rollercoaster ride through the crypto abyss, it looks like the Bitcoin market might be finally crawling its way out of the darkness. 🎢 Hold on to your wallets, folks, the on-chain metrics are starting to show some… hope? Or is it just a tease? 🙄
According to the ever-so-optimistic CryptoQuant (because who doesn’t trust an analytics platform?), Bitcoin’s spot demand is slowing its plunge. Yes, the fall isn’t as fast, but don’t get your hopes up too quickly. Apparently, liquidity growth is *expanding* — but it’s not exactly a floodgate opening, more like a garden hose barely trickling out. 💧
BTC Demand: It’s Not Dead Yet! 🙌
Over the past 30 days, Bitcoin’s apparent demand took a nosedive of 146,000 BTC. But wait—don’t reach for the panic button just yet! That’s a significant improvement from the 311,000 BTC loss just last month. So, yeah, it’s still dropping, just at a more manageable pace. 🧐
But, oh dear, here comes the bad news: demand momentum (aka, the comparison of newbie buys to seasoned holders) has hit rock bottom—642,000 BTC. This is the lowest it’s been since October 2024. Yikes. 🐻
Meanwhile, the Big Fish—the large investors—are accumulating at a snail’s pace. Their Bitcoin hoardings are dwindling like they’ve suddenly developed cold feet. They’ve dropped about 30,000 BTC in the past week, and their monthly buy rate has plunged from 2.7% in March to a mere 0.4% now. Not exactly a glowing endorsement of Bitcoin’s future. 😬
And speaking of slow motion: Bitcoin demand in the U.S. spot ETF market is basically non-existent. There was a *small* inflow of $912 million on April 22, but on average, the market’s been flickering between minor gains and losses. Compare that to November-December, when things were looking pretty snazzy with a +8,000 BTC inflow daily. Yeah, those were the days. 💸
Let’s not forget the overall trend: U.S. spot Bitcoin ETFs have sold off 10,000 BTC this year, while they scooped up 208,000 BTC by this time in 2024. CryptoQuant’s message? Bitcoin needs sustained demand growth to make those price surges happen. Or, you know, keep dreaming. 🙃
And the Bears? Still Reigning Supreme 🐻
Crypto markets need some serious stablecoin action to rally. Like, more than $5 billion in growth for Tether (USDT) alone. Guess what? That’s not happening. The market cap of USDT has only grown by $2.9 billion in the last two months. Not quite the crypto liquidity boost needed for a price explosion. 💥
Even though BTC is sitting above $94,000 at the moment, after a 6.5% rise in just 24 hours, don’t get too comfy. The Bull Score Index is still below 40, which means… yep, you guessed it: the bears are still calling the shots. 🐻
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2025-04-23 19:59