ChainCatcher reported that according to Coindesk, the latest report from crypto analysis company CryptoQuant shows that Bitcoin demand indicators have slowed down significantly since early April, and even fell to negative values this month, causing market concerns about Bitcoin's short-term prospects.
Despite the launch of several Bitcoin spot ETFs in January this year, the popularity is cooling down. Data shows that the average daily purchase volume of Bitcoin spot ETFs has dropped sharply from 12,500 in March (when the price of Bitcoin exceeded $70,000) to only 1,300 last week. Since its launch, Bitcoin ETFs have attracted $17.5 billion in net inflows, but the growth rate has slowed significantly. The total holdings of large Bitcoin investors have also dropped from 6% per month in March to 1% at present.
However, there are still positive factors in the market. Long-term holders (wallets that have held for more than six months) continue to accumulate Bitcoin at record levels, with their total balance hitting a monthly high of 391,000 BTC this week. Meanwhile, the total stablecoin market capitalization climbed to a record high of $165 billion, which generally indicates increased liquidity in the crypto market, which can trigger price increases.
