CryptoQuant's weekly report observed that "most Bitcoin (BTC) demand indicators are showing weakness." The report noted that the monthly increase in whale BTC holdings has slowed to just 1%, down from 6% in February—a 3% increase is typically associated with a rise in BTC prices. Moreover, inflows into U.S. BTC spot ETFs have declined since March. However, the report highlighted that long-term BTC holders have significantly increased their holdings compared to the first quarter, suggesting that despite the overall drop in demand, long-term investors are still actively accumulating BTC.