Bitcoin Demand Crashes to Four-Month Low as Consolidation Looms

Bitcoin's demand has plummeted to a four-month low as the cryptocurrency struggles below $80,000. According to Capriole Investments, the apparent demand metric for Bitcoin has slid to -3,138 BTC, its weakest reading since mid-January.

This decline comes as Bitcoin stalled under heavy resistance just above the $80,000 mark. The overall demand has tipped into net contraction, with spot demand shrinking faster than in prior weeks, as per CryptoQuant's latest Weekly Crypto report.

The US spot exchange-traded funds have piled on the pressure, shedding roughly $979.7 million in the week ended May 19. This is layered on top of around $1 billion in outflows from the previous week, ending a six-week run of inflows that had supported the spring rally.