TechFlow News, August 21 — According to a recent report by crypto analytics firm CryptoQuant cited by Coindesk, Bitcoin demand indicators have significantly slowed since early April and even turned negative this month, raising market concerns about Bitcoin's short-term outlook.
Despite the launch of multiple spot Bitcoin ETFs in January, enthusiasm has been cooling. Data shows that daily average purchases of spot Bitcoin ETFs have plummeted from 12,500 BTC in March—when Bitcoin prices exceeded $70,000—to just 1,300 BTC last week. Since their debut, Bitcoin ETFs have attracted $17.5 billion in net inflows, but the growth rate has clearly decelerated. The monthly growth in total holdings among large Bitcoin investors has also dropped from 6% in March to just 1% currently.
Nonetheless, positive factors remain in the market. Long-term holders (wallets holding Bitcoin for over six months) continue accumulating Bitcoin at record levels, with their total balance reaching a monthly high of 391,000 BTC this week. Meanwhile, the total market capitalization of stablecoins has climbed to an all-time high of $165 billion, which typically signals increased liquidity in the crypto market and could potentially drive price increases.
