BTC demand at lowest since 2019, analyst warns of final capitulation

According to on-chain analyst MorenoDV, a 30-day composite demand indicator for Bitcoin's spot and perpetual futures markets has plummeted to -650,000 BTC, entering a phase of extreme contraction. MorenoDV noted that this level of demand evaporation is an extremely rare phenomenon, observed only three times in Bitcoin's history. He suggested that the market appears to be entering the initial stages of a final shakeout, rather than undergoing a simple correction. The decline is being driven by a simultaneous exit of both spot buyers and speculative capital from leveraged futures. Historically, this indicator has not signaled an immediate market bottom but has instead preceded periods of extreme volatility or further sharp price drops.