According to ME News, on April 5 (UTC+8), CryptoQuant data shows that institutional buying of Bitcoin has recently approached historical highs, with ETFs and strategies collectively accumulating approximately 94,000 BTC over the past 30 days. However, overall market net demand remains negative at -63,000 BTC, as other participants sold off as much as 157,000 BTC. Large holders have shifted from being the largest buyers to aggressively selling, with their 18-month holding volatility reaching nearly 400,000 BTC; intermediate holders have significantly slowed their accumulation pace. The spot BTC premium over the realized price stands at 21%, still short of a true historical bottom signal, though the premium is rapidly narrowing. Market sentiment is deeply entrenched in extreme fear, contrasting sharply with institutional capital inflows. This correction has reached approximately 47%, with volatility narrower than historical cycles; the bottom now relies entirely on ETF demand, while overall demand remains weak. (Source: PANews)
Bitcoin demand remains weak; short-term rally depends on ETF support
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Summary
BTC price remains under pressure as overall net demand for Bitcoin stands at -63,000 BTC, despite institutional buying reaching near-historical highs. ETFs and related strategies added 94,000 BTC over the past 30 days, but other market participants sold 157,000 BTC. BTC dominance among mid-tier holders has sharply declined, while whale activity turned negative. BTC is trading at a 21% premium to its realized price, with market sentiment in extreme fear. A 47% correction is currently underway, with the bottom likely dependent on ETF support as demand remains weak.
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