The recent decline in Bitcoin (BTC) price has caught the attention of crypto investors as it is currently hovering around $57,000.
The low level is supported by a sharp decline in demand and indicates potential changes in the market.
Reasons for the Fall in Bitcoin Price
Bitcoin, traditionally driven by strong demand from permanent holders and large investors, has seen a sharp reversal in this trend. According to a CryptoQuant report shared with BeInCrypto, there has been a dramatic 50% drop in monthly growth for permanent holders.
Demand, which was over 200,000 BTC in late March, has now dropped to 96,000 BTC. Permanent holders are investors who buy to hold and never sell, and they are important in maintaining Bitcoin's market stability.
Similarly, large investors, often referred to as “crypto whales,” have also shown a slowdown in demand. These investors, who typically hold 1,000 to 10,000 BTC, saw demand growth rates peak at 12% in March. However, the rate has since halved to 6%.
Experts such as Matteo Greco, Research Analyst at Fineqia International, suggest that increased selling pressure, especially from long-term investors, generally signals the expectation of a broader market downturn.
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