$BTC

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.