#CEXvsDEX101 For the first time since March 2025, Bitcoin [BTC] declined for four consecutive days, slipping from $110K to a low of $104K.

However, despite the recent losses, market participants are more enthusiastic than ever before.

Inasmuch so, demand for Bitcoin is still rising. According to Cryptoquant’s analyst Axel Adler, BTC demand is nearing the peak levels of the previous bull market.