Investors Pull Back on BTC and ETH as Bitcoin Demand Slows
CryptoQuant data reveal a clear Bitcoin demand slowdown among US investors in both spot and derivatives markets. This Bitcoin demand slowdown is evident in spot ETF outflows and weak derivatives metrics. Spot Bitcoin ETFs saw a seven-day average net outflow of 281 BTC ($30.6 m), the lowest since April, while Ethereum ETF inflows have stalled near zero since mid-August. On exchanges like Coinbase, BTC and ETH trade with minimal spot premiums, reflecting subdued buy-side pressure. Meanwhile, CME futures basis rates have fallen to multi-month lows—1.98% for Bitcoin and 3.0% for Ethereum—signalling reduced long-term bullish bets. Traders appear focused on profit-taking and cautious accumulation as they await fresh market catalysts.
Bearish
The combined data point to mounting profit-taking and weak accumulation across spot and derivatives markets. Sustained ETF outflows, minimal spot premiums, and declining CME futures basis suggest reduced bullish conviction. In the short term, these factors exert downward pressure on BTC and ETH prices as investors step aside. Over the longer term, market stability hinges on new catalysts—without positive triggers, muted demand may keep prices depressed.