La contraction de la demande est plus préoccupante que la chute des prix, les fondamentaux ont changé

On-chain analysis firm CryptoQuant states that the current Bitcoin trend is similar to the bear market phase in March 2022, with market sentiment having re-entered the "extremely bearish" zone. The report notes that Bitcoin's recent rebound was halted near the 200-day moving average around $82,400, then fell back to around $76,000, a pattern similar to the "rebound followed by a decline" in the 2022 bear market. CryptoQuant points out that Bitcoin demand has contracted, with speculative demand for perpetual contracts significantly slowing, and the US spot Bitcoin ETF has also shifted to net selling; meanwhile, Coinbase Bitcoin premium remains negative, indicating that US institutional and retail funds have not yet significantly flowed back into the market. (The Block)