Bitcoin Demand Dries Up as Price Rises

Despite rising prices, demand for Bitcoin has weakened significantly over the past 15 days. According to recent data, the cumulative demand estimate for Bitcoin has fallen to a negative 171,000 BTC. This decline is particularly notable given that futures demand fell from 164,000 BTC to just 3,000 BTC during this period.

Spot demand also remained negative at 174,000 BTC despite inflows into exchange-traded funds. The price of Bitcoin has increased from $74,000 to $84,000 over the same time frame, but the weakening demand measures suggest that investors may be taking a more cautious approach to the market.

The decline in demand is significant and could have implications for the overall health of the Bitcoin market. However, it's worth noting that the source of this data does not provide any further context or analysis on the potential causes of this trend.