Recent Bitcoin demand performance has not been optimistic. Data shows that demand is weakening month by month, with the year-over-year growth rate showing a sharp slowdown, approaching the negative growth zone. This signal should not be ignored.

Some industry analysts have proposed a thought-provoking view: the key factor in market cycles should be the demand side, rather than simply looking at price fluctuations. In other words, price is just an appearance; what truly drives the market is the fundamental demand. When demand shrinks, even if prices rebound, it is only a short-term fluctuation.

This serves as a reminder for holders and traders alike. It might be helpful to re-examine the current market trend from the demand perspective, which could lead to a clearer understanding.