Bitcoin demand has dropped to its weakest level in more than four months, according to CryptoQuant analysis reported by Crypto Insiders on November 12. The firm’s 30-day demand estimate, which combines spot and derivatives activity, fell to negative 348,000 BTC, the lowest reading since the end of June.
The metric is calculated over a rolling 30-day window, so each new day drops the oldest day from the calculation and the figure does not reflect a single day of selling. A negative reading means demand is running below the amount of new supply being absorbed over that period.
Crypto Insiders reported that spot demand improved by about 29,500 BTC over three consecutive days between November 7 and November 10 but stayed negative. Over the same days, derivatives demand fell by about 63,500 BTC, more than twice the spot improvement, which held back the overall reading.
Crypto Insiders also cited a researcher at RugaResearch, who said spot demand would first have to recover toward zero and derivatives pressure ease before total demand could stabilize.
The reading arrived as the price weakened. Bitcoin Magazine reported that bitcoin touched about $71,000 on Thursday, November 12, its lowest level since August 20, and crypto.news reported a drop below $70,000 early on Friday. The demand figure is an analytical estimate rather than a count of actual purchases, and the original CryptoQuant post could not be opened for this article, so the figures come via Crypto Insiders.
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Sources:
Crypto Insiders: Vraag naar Bitcoin zakt naar laagste punt in ruim vier maanden
Bitcoin Magazine: Bitcoin Price Slips To $71,000, Lowest Since Late August
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