Bitcoin demand begins to cool, beware of correction risks

After Bitcoin surged to nearly $112,000, signs of cooling have emerged on the demand side. Although spot demand continues to grow, the growth rate has slowed and is below historical averages.

The buying power of whales and ETFs has weakened, with purchase volumes nearly halved; new funds entering the market are also decreasing. In the futures market, some funds are choosing to take profits and start attempting to position short.

If this wave of demand continues to weaken, BTC may find support around $92,000—this price level is the median of the actual costs on-chain for current traders and is also a typical support area in a bull market.

If $92,000 cannot be held, the next key support may be around $81,000, corresponding to the lower boundary of the actual cost price on-chain.