Bitcoin demand is showing signs of fatigue following a rally that briefly pushed prices near $112,000, according to new data from CryptoQuant.
While spot market interest remains in positive territory, the pace of demand has slowed significantly. Over the past 30 days, Bitcoin’s apparent demand increased by 118,000 BTC—nearly half the growth seen at its peak of 228,000 BTC on May 27.
This slowdown is also reflected among institutional and large-scale investors. Whale wallet balances, which had been expanding at 3.9% month-over-month in late May, are now growing at a much slower rate of just 1.7%. At the same time, demand from U.S.-based Bitcoin ETFs has declined, with daily purchases dropping from a high of 9,700 BTC in April to 3,300 BTC today.
— Julio Moreno (@jjcmoreno) June 19, 2025
Adding to the bearish signals, new investor activity appears to be cooling. Short-term holders (STHs), often seen as a gauge of fresh market entry, now control 4.5 million BTC, down from 5.3 million BTC at the end of May. Typically, rising STH holdings signal fresh capital inflows during bull markets, but that pattern is reversing.
Meanwhile, sentiment in the derivatives market has also turned more cautious. After Bitcoin hit $110,000 last week, many traders took profits and began opening short positions. CryptoQuant’s Traders’ Behaviour Dominance metric confirms this shift, showing increased bearish positioning as Bitcoin fell to $105,000.
If this weakening demand trend continues, analysts highlight $92,000 as a key support level, marking the Traders’ On-chain Realized Price, historically a floor in bullish cycles. Should this level fail, support could be found near $81,000.
Against this backdrop, investor sentiment is gradually shifting from Bitcoin to Ethereum. Michaël van de Poppe, founder of MN Trading Capital, noted that while Bitcoin still dominates headlines, deeper market signals suggest Ethereum is quietly gaining strength, potentially setting the stage for the next rotation in capital flows.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
