The negative value for Bitcoin demand is widening.

Downward pressure is intensifying, with no signs of a recovery in demand.

Spot demand, which had previously shown signs of recovery, has declined once again. Selling pressure is increasing as prices fall.

The market have moved past the point where one could reasonably expect a price rebound driven by a natural recovery in demand.

At current phase, the market must look to whales to drive the price higher, which could spark a recovery in demand. The whales hold all the cards.

Spot demand stands at -280k, and futures demand at -82k, bringing the total negative demand to -362k, the largest outflow seen since last June.

$BTC must wait for net outflows to peak and for a subsequent recovery to emerge. Unless a major positive catalyst shifts the trend, or whales step in to push prices higher, the current momentum is likely to persist for the time being.

Written by CW_