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CryptoQuant analysts have found that Bitcoin miners have increased their selling activity in the last month amid slow demand growth for BTC., the decrease in BTC demand is evident in low Bitcoin whale demand, fewer purchases from spot exchange-traded funds in the United States, and the Coinbase premium falling below zero.a large amount of BTC to spot exchanges, creating an imbalance in the market.
Demand growth from large investors and Bitcoin whales has also fallen from a peak of 12% in late March to 6% currently. Spot Bitcoin ETFs in the U.S. have recentlyAdditionally, the funding rate in the perpetual futures market has fallen to its lowest level this year, indicating that selling orders are outpacing buy orders, and traders are not willing to pay as much as before to open long positions. Traders are also opening more short positions in anticipation of further price declines.
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