Bitcoin's spot demand momentum dropped below -2 million BTC, the lowest level ever recorded.
Short-term holders have sold approximately 800,000 BTC since May 27 without matching long-term accumulation.
Despite strong selling, Bitcoin's price remains above $100,000, showing a major divergence between price and demand.
In a recent observation by CryptoQuant data, Bitcoin's spot demand momentum has reached its most negative level on record. Since May 27, short-term holders (STHs) have shed approximately 800,000 BTC. At the same time, demand momentum dropped below -2 million BTC, marking the steepest 30-day decline ever recorded. This shift comes while Bitcoin continues trading above $100,000, showing a sharp disconnection between price and demand behavior in the market.
Short-Term Holders Exit in Large Volumes
The 30-day net change in supply reveals that STHs are rapidly offloading assets into the market. At the same time, long-term holders (LTHs) are not absorbing this supply. This creates a demand imbalance. In previous cycles, similar drops in momentum occurred during price consolidations or corrections. However, the current drawdown surpasses all historical examples in both size and duration.
Source: CryptoQuant
Despite the decline in demand momentum, Bitcoin’s price has remained near its peak. Data shows that this divergence began in early May 2025. Momentum has steadily weakened while price has held firm. The 30-day simple moving average of demand momentum confirms that this downturn is sustained. As a result, new BTC demand appears largely absent.
Historic Breakdown in Spot Market Structure
The latest figures show a structural change in market behavior. The spot demand drop is not short-lived. The exit of short-term holders is not matched by increased long-term accumulation. This disconnect between holder groups continues to widen. Until this trend shifts, spot market strength remains in a weakened position.
With over 2 million BTC in negative momentum, the Bitcoin market now faces its steepest demand decline ever recorded. As the price remains high, structural imbalances in demand create uncertainty for near-term market direction. Tracking the ongoing market trend, CoinMarketCap data indicates that as of press time, Bitcoin is currently trading at $101,881.62, reflecting a 0.71% decline over the past 24 hours. The market capitalization stands at $2.02 trillion, while 24-hour trading volume surged to $63.6 billion, up by 34.44%.
Source: CoinMarketCap
The chart shows a sharp price dip below $99,000 before recovering above $101,000. Bitcoin opened the day at $102,440 before experiencing downward pressure during evening hours. The price later rebounded gradually but failed to reclaim its opening value. The total circulating supply remains at 19.88 million BTC, with a capped maximum supply of 21 million. The volume-to-market cap ratio currently sits at 3.09%, indicating elevated market activity.
