"Bitcoin (BTC) Real Demand on a Decline"…'Demand Recovery' Essential for New All-Time Highs
JH Kim
Summary
- CryptoQuant assessed that Bitcoin (BTC)'s real demand is on a declining trend.
- Despite United States BTC spot ETFs purchasing 377,000 BTC, real demand decreased by 857,000 BTC.
- It was emphasized that a recovery in real demand is essential for BTC to reach new all-time highs.
On the 3rd (local time), on-chain data platform CryptoQuant stated via its official X (formerly Twitter), "Bitcoin (BTC) is showing a trend of declining real demand."
CryptoQuant reported, "Since the beginning of this year, United States BTC spot exchange-traded funds (ETFs) have purchased a total of 377,000 BTC," and added, "Strategists also bought 371,000 BTC, but real demand actually decreased by 857,000 BTC."
They further emphasized, "In order for BTC to break its all-time high, a recovery in real demand is absolutely essential."
Meanwhile, as of April 4th, 01:18, on the Binance Tether (USDT) market, BTC was trading at $109,180.01, down 0.33% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
