Bitcoin’s Price Jumps While Demand Takes a Naptime – What Gives?

So, Bitcoin (BTC) decided to go on a little price rollercoaster 🚀, but guess what? Investors aren’t exactly throwing their hats (or wallets) into the ring. Thanks to our data detective friends at CryptoQuant, it turns out spot demand for Bitcoin is about as lively as a Monday morning. Spoiler: it’s weak. Like, “did-I-just-ghost-you?” weak.

The last 30 days saw a nosedive of 146K Bitcoin in spot demand — which basically means people are kinda over it or at least playing hard to get. It’s like Bitcoin threw a party, but no one RSVP’d.

Bitcoin’s Party Might End Early (And Not Because of The DJ)

Despite Bitcoin doing its best impression of a high school drama queen and climbing above $90,000 on April 22, the backstage whispers are less optimistic. It managed a cheeky spike to $91,700 from $87,031 earlier that day — hooray for volatility! The trading volume is up by a flashy 10.26%, like a rollercoaster with screaming fans, yet the crowd’s enthusiasm is fading faster than your forgotten gym membership.

The real kicker? The “demand momentum” — that delicious metric showing how those new and seasoned investors are dancing together — is dropping faster than your hopes of an early weekend. It’s currently down by a whopping 642,000 BTC, the worst slump since October 2024. Picture everyone eyeing the exit like it’s a fire drill. Investors seem chilly on grabbing more Bitcoin, maybe because they sense a bear market lurking or they just woke up on the wrong side of the bed.

This trend is like trying to run a marathon with one shoe — it threatens to cut Bitcoin’s bullish glow short. Usually, when Bitcoin prices keep climbing, it’s because more folks are buying in and the hype train is full steam ahead. Right now? Not so much.

CryptoQuant’s message? If the spot demand and broad demand momentum don’t get their act together, don’t hold your breath for this rally to stick around. It’s like a suspense thriller without a satisfying ending.

To add insult to injury, Bitcoin’s U.S.-based spot ETF flows have been as stable as a yoga master since late March, wobbling mildly between -5,000 and +3,000 BTC per day. No fireworks here, just a slow waltz.

So yeah, Bitcoin’s looking robust in a few areas, but that sinking demand momentum is like having champagne without the bubbles — disappointing if you’re a holder betting on the next big pop. Still, some big players are hoping for a rally encore — fingers crossed they get it before the music stops!

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2025-04-23 02:15