The average monthly change in Bitcoin retail demand has waned over the last month, with one analyst noting it could be a precursor to a price surge seen earlier in 2024.
Average Bitcoin demand among retail investors has dropped to its lowest point in five months to levels last seen in January — which ended in a 75% surge over the following two months.
The average monthly change in demand for Bitcoin (BTC) among retail investors — those with up to $10,000 in transfer volume — has fallen to negative 17% over the last 30 days, according to data shared to X on June 10 by CryptoQuant author Axel Adler.
Adler added that “a similar previous drop to -18%” in January saw Bitcoin increase from $40,000 to $70,000 — when it surged after spot Bitcoin exchange-traded funds (ETFs) were approved in the United States, propelling Bitcoin to its mid-March $73,679 all-time high.
