# New BTC Analysis Reveals Weak Bitcoin Demand for Months

Bitcoin has been in a state of limbo since April, with demand remaining consistently weak, according to a new crypto report.

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In the ever-fluctuating world of cryptocurrencies, Bitcoin has been treading water for months. A new report from data analytics firm CryptoQuant reveals that the "visible demand" for Bitcoin has fallen from a 30-day growth of 496,000 BTC in April to a negative growth of 25,000 BTC currently.

## Key Factors Behind the Decline

The primary reason for the decline in demand appears to be reduced purchases by US Bitcoin ETFs. Their BTC buys dropped from around 12,000 BTC daily in March to an average of just 1,300 BTC between August 11 and 17.

Currently, Bitcoin is trading at $59,380, representing a 2.84 percent loss over the past 24 hours. Compared to the previous week, the BTC price has fallen by 2.36 percent.

Due to the continuously low demand, the Bitcoin price has dropped from around $70,000 in April to a low of just under $50,000 in early August.

## US Market Indicators

Highlighting the declining Bitcoin demand in the US, the premium for BTC trading on Coinbase reached a notable 0.25 percent in early 2024. However, it has since steadily decreased and currently stands at just 0.01 percent.

## Silver Lining for Long-Term Holders

Despite the gloomy outlook, there is some good news. Long-term BTC holders are taking advantage of the lower prices to accumulate large amounts of Bitcoin. The BTC holdings of addresses that have never spent any Bitcoin are increasing at a monthly rate of 391,000 BTC.

Recently, a new metric showed that nearly 75 percent of the 19.73 million Bitcoin in circulation have not moved in over six months. This reflects the conviction in the long-term value of BTC as a digital store of value.

## Regular Savings Plans

Particularly beneficial for convinced BTC investors is the option of a regular savings plan, offered by various crypto platforms. You can read more about this here: "Why Saving with Bitcoin is Worth It Again."

## Conclusion

While the short-term demand for Bitcoin remains weak, the long-term outlook is more optimistic. Long-term holders continue to accumulate Bitcoin, indicating their belief in its future value. The introduction of regular savings plans also provides a stable way for investors to build their Bitcoin holdings over time.

As the crypto market continues to evolve, Bitcoin's status as a digital store of value is likely to attract more long-term investors. Despite the current challenges, the fundamentals supporting Bitcoin's long-term potential remain strong.

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Disclaimer: This article is for entertainment and educational purposes only. It should not be considered financial advice. Always do your own research and consult with a financial advisor before making any investment decisions.

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