Danger Bells for Bitcoin: Demand Has Sharply Decreased, $92,000 Level on the Table
Bitcoin has entered a downtrend since reaching its peak of $112,000 in May and is currently trading around $105,600. However, analysts say the real risk is just beginning.
CryptoQuant research director Julio Moreno states that there is currently a 'cooling period' in the market and emphasizes that this situation has the potential to derail the current bull market.
Sharp Drop in Demand
According to the data shared by Moreno, demand for Bitcoin has decreased by nearly 50% over the past 30 days. Demand, which was around 228,000 BTC in May, has dropped to 118,000 BTC by mid-June. This indicates a serious decline in investor interest.
It is seen that especially short-term investors have sold off 800,000 BTC and new entries into the market have weakened. In futures, instead of taking profits, it is reported that short positions are on the rise.
$92,000 Could Be Critical Support
Although Bitcoin still looks strong in terms of long-term indicators – for example, the global adoption rate is only 4.7%, similar to the internet's usage rate in 1999 – technical indicators are currently under pressure.
According to CryptoQuant's analysis, the possibility of Bitcoin dropping to $92,000 is on the table. This level coincides with the 'On-Chain Realized Price' indicator, which historically offers strong support. However, dropping below this level could open the door for a sharper correction.
This possible drop corresponds to a 12% decline from current levels; since the peak in May, it represents a value loss of about 18%. Analysts emphasize that in such a scenario, the largest correction could occur after pricing above $100,000.
Institutional Interest Weakens, Individual Investors Withdraw
Institutional investors who played a significant role in Bitcoin's rise have also started to withdraw from the market. According to CryptoQuant data, the accumulation rate of whales (large investors) has decreased from 3.9% at the end of May to just 1.7% currently.
Similarly, daily inflows into US-based spot Bitcoin ETFs peaked in April at 9,700 BTC, but have now fallen to 3,300 BTC – meaning a decline of about 66%.
Moreover, individual investors are also quickly exiting the market. Especially new investors taking short-term positions have sold about 800,000 BTC since May 27. The amount of BTC held by this group has decreased from 5.3 million BTC to 4.5 million BTC – a decrease of about 15%.
This group of investors usually formed the buying side that balances the sales of long-term investors. However, with the withdrawal of this segment from the market, selling pressure may increase and the downward pressure on prices may deepen.
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