Bitcoin demand reaches record negative level of -66,000 BTC

Demand for Bitcoin is under increasing pressure. According to analyst Darkfost, the two main drivers of the spot market, namely Strategy and Bitcoin ETFs, are both faltering. The result is a monthly net outflow of no less than 66,000 BTC, a level never seen before. The Bitcoin price is fluctuating around $66.500 at the time of writing, an increase of 1.2% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

Strategy buys less and even sells Bitcoin

Strategy, the company of Michael Saylor known as one of the largest institutional Bitcoin holders in the world, is significantly reducing its purchases. Whereas the company used to buy large amounts of Bitcoin regularly, Strategy is now buying considerably less than before. Even more striking is that the company recently sold Bitcoin for the second time in its history, something many market analysts see as a negative signal.

This is a remarkable shift for a party that long served as a stable demand driver in the market. Because Strategy is less active on the buying side, an important pillar of support for the price falls away. Combined with declining demand from other channels, this creates a structural shortage of buying pressure on the spot market.

Bitcoin ETF outflows negative for weeks in a row

The Bitcoin ETFs also show a worrying picture. Week after week, money flows out of these funds instead of new capital coming in. Bitcoin ETFs have been seeing outflows for five consecutive weeks, further increasing the pressure on the market.

Darkfost indicates that the combined influence of ETFs and Strategy on the market is historically large enough to affect Bitcoin’s price movement. With monthly demand growth now at approximately -66,000 BTC, this represents a record level of net outflow. Although these two channels do not represent the entire market, their combined impact is significant according to the analyst. The Coinbase CEO states that the Bitcoin price may have already found a bottom at $60.000, but the weak demand figures make a sustainable recovery difficult for now.