Bitcoin demand momentum is now the lowest ever recorded and price is still holding near cycle highs.
This signal shows long term holders are reducing while short term supply continues to increase steadily.
Negative momentum lasting this long suggests risk is building while buyers are not entering in large numbers.
Bitcoin’s spot demand momentum is now the most negative ever recorded, signaling growing weakness in short-term investor interest. According to CryptoQuant data, demand momentum dropped below -2 million BTC. This metric compares 30-day changes in short-term and long-term supply.
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The data shows that selling pressure is rising faster than demand accumulation, even as Bitcoin trades above the $65,000 mark. Negative momentum zones dominate the chart from April 2024 to June 2025. These periods show the deepest and longest declines since 2020.
The 30-day demand momentum SMA continues trending lower. This implies consistent lack of spot accumulation among traders and institutions. The price of Bitcoin remains elevated despite these signals. But the divergence between price and momentum is growing more visible. As Bitcoin hovers near its cycle high, the disparity between demand and price raises one critical question: how long can price stay disconnected from fundamentals?
A Trend Traced Back to Supply Shifts
The metric relies on the change in short-term supply minus the change in long-term supply over a 30-day rolling window. This approach reflects whether more Bitcoin is entering speculative hands or being held by long-term holders during a period. From late 2023 to mid-2025, the majority of this metric remained in the red zone, suggesting more coins entered short-term circulation. Long-term holders appear to be reducing their exposure gradually. Meanwhile, short-term coins are moving faster into the market.
The increase in circulating short-term supply shows investors are selling into strength rather than accumulating. This marks a significant behavioral shift. Historically, demand momentum shifted positive during cycle lows or consolidation periods. The opposite is happening now near potential cycle highs.
This transition creates a challenge in interpreting market strength. Spot demand declining while price rises often leads to sharp corrections. Momentum’s sustained negative position suggests risk is increasing. If demand does not return, prices may lose structural support.
Price Remains Elevated Amid Demand Breakdown
Despite the breakdown in spot demand, Bitcoin’s price action continues to show resilience in the $65,000 to $70,000 range. The black line tracking price in the chart stays near its peak levels. However, demand bars remain deeply negative beneath.
This visual divergence resembles past cycle tops where momentum decoupled from price for extended periods before correction. From early 2021 to late 2022, a similar setup appeared before Bitcoin’s price dropped below $20,000 within months. Today’s divergence is even stronger, suggesting the spot market is not supporting the current valuation. Buyers may be exhausted.
The persistent negative demand over multiple months raises questions on how Bitcoin will react if macro conditions change suddenly. If interest rate expectations shift or liquidity tightens, Bitcoin’s demand imbalance may not hold up under stress. The chart illustrates both past and present momentum, showing this is the weakest stretch since tracking began in 2020. Bitcoin's demand picture is now in uncharted territory. Without clear spot inflows, its upward trajectory may face steep resistance.
