Bitcoin's latest rebound attempt has failed, with the price falling from $81,000 to $62,000 in a few days. CryptoQuant data suggests weak spot demand, ETF withdrawals and shrinking liquidity are adding to the pressure.
Bitcoin fell from $81,000 last Wednesday to $62,000 on Saturday, a 23% drop. The rebound attempt has failed, and new CryptoQuant data points to a lack of fresh buyers.
CryptoQuant data suggests the weakness is not simply the result of leverage being flushed out. Underlying spot demand remains poor, and several other sources of selling pressure are intensifying at the same time.
Spot and futures demand turn negative
According to analyst XWIN, CryptoQuant's Spot and Perpetual Futures Demand Growth indicator estimated that 30-day BTC spot demand fell to approximately -280,000 units. Perpetual futures demand sits at around -82,000 BTC, so the two figures combine to over 360,000 BTC in negative demand.
Futures taker CVD remains dominated by sellers, while spot taker activity is around neutral. CryptoQuant's report argued that this weakness has developed for weeks.
ETF outflows and falling stablecoin supply
Institutional demand has also deteriorated. Spot Bitcoin ETFs saw almost $1.3 billion in net withdrawals during the first full week of November, a four-month high. The funds remained in the red in the past week, with $1.07 billion leaving.
Liquidity elsewhere is shrinking as well. Citing Glassnode data, CryptoQuant noted that stablecoin supply dropped by approximately $14.2 billion over the past month.
Miner transfers to exchanges surge
Bitcoin miner transfers to exchanges surged to over 2,000 BTC, over 16 times the 30-day daily average of 127 BTC, according to CryptoQuant. Almost the entire batch came from Antpool.
This does not necessarily mean the miners sold those units. The report cautioned that exchange deposits can represent treasury movements rather than immediate liquidations.
Source: CryptoPotato
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