Bitcoin

<ul><li>Bitcoin demand growth turned negative, contributing to price drop from $70K to $49K.</li><li>Whale holdings growth fell to 1%, historically linked to decreasing Bitcoin prices.</li><li>Stablecoin market cap hits record $165B, potentially signaling future Bitcoin price rise.</li></ul><a href="https://cryptotale.org/bitcoins-parabolic-rally-looming-bull-run-or-market-trap/" rel="noopener noreferrer nofollow">Bitcoin&#39;s</a> market has recently shown signs of cooling demand, marking a significant shift from earlier bullish trends. According to CryptoQuant data since early April when Bitcoin reached nearly $70,000, demand has considerably slowed. This change is reflected in various indicators, such as Bitcoin&#39;s apparent demand and the activity of major market participants.Bitcoin&#39;s apparent demand has turned <a href="https://cryptoquant.com/community/dashboard/66c7082c1f00ab5dee827c45?utm_source&#61;twitter&amp;utm_medium&#61;sns&amp;utm_campaign&#61;dashboard&amp;utm_content&#61;crypto-weekly-report" rel="noopener noreferrer nofollow">negative</a> in recent weeks. Previously, in early April, the 30-day growth rate of Bitcoin demand was around 496,000 BTC, the highest level since January 2021. However, this figure has since dropped to a negative growth of 25,000 BTC. Consequently, Bitcoin&#39;s price has declined from approximately $70,000 to a low of $49,000. For a price recovery to occur, we need to see a rebound in demand.A noticeable decline is also seen in the holdings of <a href="https://cryptotale.org/bitcoin-whales-accumulate-major-bull-market-on-the-horizon/" rel="noopener noreferrer nofollow">Bitcoin whales</a>. The growth rate of total holdings by large investors has decreased sharply. From a robust 6% in February, the rate has dwindled to just 1% currently. Historically, a monthly increase in whale holdings above 3% has been associated with rising Bitcoin prices. This trend is absent now, suggesting a bearish outlook.<a href="https://cryptotale.org/bitcoin-demand-turns-negative-drops-from-70k-to-49k/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Bitcoin Demand Turns Negative; Drops from $70K to $49K

CryptoTale

Other articles published on Aug 23, 2024

Past rate cuts indicate potential crypto bull market catalyst — 21Shares

Goldman Sachs Contradicts Past Skepticism with $418M Bitcoin ETF Investment

How TapSwap plans to address sustainability challenges: founder

Political Power Meets Blockchain: Kamala Harris Token Shatters Records as Biden Steps Down

Ripple Kickstarts RLUSD Stablecoin Minting On Ethereum & XRP Ledger

Binance Labs Invests in Four BNB Chain Projects

Join our free newsletter for daily crypto updates!