Bitcoin's 30-day Demand Momentum remains negative, currently at -483.86K BTC, with the 30-day SMA sitting even deeper at -310.70K BTC. This metric is calculated as the:
30-day change in Short-Term Holder Supply – 30-day change in Long-Term Holder Supply.
In other words, it measures the net shift in active demand, where increasing short-term supply versus long-term HODLing suggests more speculative distribution rather than accumulation.
🟥 Current Interpretation:
The sustained negative momentum reflects declining demand pressure from short-term participants, possibly driven by profit-taking or market uncertainty.
Long-term holders continue to absorb less BTC than what's being distributed by short-term holders, a dynamic typically seen in late-cycle distribution phases or during macro consolidation.
Despite the price holding above $94.4K, the underlying demand engine is cooling off.
🧭 Historical Context:
Similar deep negative divergences in Demand Momentum were observed during mid-2021 and Q2 2022, both preceding macro pullbacks.
Previous recoveries in this metric coincided with bottoms and marked the resumption of sustainable bullish trends.
📌 Conclusion:
Bitcoin is trading at elevated levels, but on-chain demand dynamics suggest caution.
A recovery in this metric—flipping back into positive territory—would serve as a strong confirmation of renewed demand and accumulation.
Written by Crazzyblockk
