Bitcoin Demand Momentum Hits Record Low, Signaling Potential for Short-Term Decline

Demand momentum has declined to its lowest point in history according to data from #CryptoQuant, with the metric falling to -2 million BTC. This level is even lower than during the COVID-19 pandemic in 2020 or the collapse of #FTX. The metric compares 30-day changes in short-term and long-term supply, indicating that positive values suggest new buyers entering the market, while negative values indicate outflows. Historically, such low readings have often preceded rallies, yet in the short term, they suggest BTC is susceptible to sharp declines, as observed recently.