Applying this metric as an anchor, Moreno unveiled that the Bitcoin spot demand is falling at the fastest pace
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However, the Apparent Demand was in a massive downturn for most of the first quarter before turning around in early April.
Key facts
As of this writing, the price of BTC sits around $75,600, reflecting a 2.5% slump in the past day
However, the Apparent Demand was in a massive downturn for most of the first quarter before turning around in early April
The relevant indicator here is the Apparent Demand metric, which tracks demand by comparing newly mined BTC to the amount of unmoved coin over a period
At the same time, the Coinbase Premium Gap, which offers insight into institutional investor appetite in the US, also supports the thesis of waning demand in the Bitcoin spot market
Summary
The price of Bitcoin has been under significant downward pressure over the past week, and the f alling spot demand might be one of the factors behind the downturn, according to a CryptoQuant head of research. In a May 22nd post on the X platform, CryptoQuant’s Head of Research, Julio Moreno, revealed that Bitcoin spot demand has been declining over the past few weeks. The relevant indicator here is the Apparent Demand metric, which tracks demand by comparing newly mined BTC to the amount of unmoved coin over a period. Using this metric as an anchor, Moreno revealed that the Bitcoin spot demand is falling at the fastest pace since January 10th.