CryptoQuant analyst Darkfost said Bitcoin demand conditions are deteriorating, making it harder for prices to hold current levels. According to the data cited in his post, spot demand for Bitcoin has fallen to negative 145,000 BTC, with the downtrend remaining steady. Futures demand is still positive at 74,500 BTC, but it has weakened noticeably. Darkfost also pointed to softer institutional appetite for Bitcoin risk under the current macro backdrop, with the Coinbase Premium Index dropping to -0.036 and showing a clear negative trend. On ETF flows, Bitcoin, Ether and Solana ETFs recorded net outflows of $282 million, $29.9 million and $500,000, while XRP ETFs saw a net inflow of $5 million. Total net outflows reached $308 million, marking the worst day in the past two months. He added that if demand does not improve quickly, the crypto market could enter a correction phase. Macro and geopolitical headlines remain the main market drivers, and rising bond yields are also a factor to watch.
On Sept. 11, CryptoQuant analyst Darkfost said Bitcoin demand conditions are getting worse, making it difficult for the asset to sustain current price levels. If demand does not improve quickly, the crypto market could enter a correction phase.
Spot and futures demand both weakened
Data cited by Darkfost showed that Bitcoin spot demand stood at negative 145,000 BTC, with the downward trend remaining steady. Futures demand was still positive at 74,500 BTC, but had weakened significantly.
Institutional appetite remains soft
Darkfost said institutional investors lack confidence in taking on Bitcoin risk under the current macro environment. The Coinbase Premium Index has fallen to -0.036 and is showing a clear negative trend.
ETF flows posted a $308 million daily net outflow
For ETF flows, Bitcoin, Ether and Solana ETFs recorded net outflows of $282 million, $29.9 million and $500,000, respectively. XRP ETFs posted a net inflow of $5 million. Total net outflows came to $308 million, the worst single day in the past two months.
Macro and geopolitical headlines remain in focus
Darkfost said macroeconomic and geopolitical news remains the main force driving the market. He also said investors should watch the impact of rapidly rising bond yields.
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