Bitcoin Demand Plummets: Individual Investors At Lowest Level in 5 Months

IconCryptoNewsTerminal Staff12 Jun, 2024

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Bitcoin Demand Plummets: Individual Investors At Lowest Level in 5 Months

The demand for Bitcoin among individual investors has hit its lowest point in five months, according to data from CryptoQuant. On-chain analyst Axel Adler Jr. noted that the average monthly change in individual demand for Bitcoin has dropped to minus 17% in the past 30 days. This is comparable to the demand observed in January (-18%), before the U.S. approved a Bitcoin spot ETF. The ETF's approval had previously driven the price of BTC to new all-time highs. This recent decline in individual demand could be attributed to several factors, including the general market downturn, concerns over inflation, and the ongoing regulatory scrutiny of the cryptocurrency industry. Despite these headwinds, institutional demand for Bitcoin remains strong, indicating that the long-term outlook for the leading cryptocurrency remains positive.

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