Bitcoin demand shows signs of cooling, analyst warns

CryptoQuant Chief Analyst Julio Moreno noted on X that recent data suggests a slowdown in Bitcoin demand following a surge toward $112,000. While spot demand rose by approximately 118,000 BTC in the past 30 days, that’s down from a recent peak of 228,000 BTC on May 27. Whales’ holdings grew by 1.7% month-over-month, down from 3.9%, and U.S. ETF purchases fell from 9,700 BTC daily to 3,300 BTC. Additionally, short-term holders now control 4.5 million BTC, down from 5.3 million BTC on May 27. He noted that if demand continues to weaken, support levels could form around $92,000—based on realized on-chain prices—and potentially dip to $81,000 if that level fails.