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On July 18, according to CryptoQuant data, yesterday’s Bitcoin (BTC) demand fell further compared with the day before. The negative demand mainly came from the spot market, and selling pressure remained ongoing.
However, the data shows that the number of Bitcoins flowing into “accumulation addresses” is increasing, indicating that some of the sell-off coins are being absorbed by long-term holders.
At present, the spot market has continued to see capital outflows since last November, but whale investors are taking up these sell orders. Analysts believe that when Bitcoin spot demand turns positive again, the market could see a strong rally. #PreIPOs第二期OpenAI认购