MarketPR
Bitcoin is stabilizing above $62,000 following last week's sharp selloff, but on-chain data published by analyst MorenoDV shows a demand contraction severe enough to have appeared only three times in the asset's modern market history — and on neither of the previous two occasions did it mark the floor.
The -650,000 BTC Threshold The metric in question is 30-day growth of combined spot and perpetual futures demand, sourced through CryptoQuant.
That figure has fallen toward -650,000 BTC — a level so extreme its occurrence is effectively countable on one hand. The rarity alone is notable, but the composition of the contraction is what sharpens concern.
Spot buyers and perpetual futures participants are pulling back simultaneously. That matters because the two demand streams normally offset each other: when leverage unwinds, organic spot buyers tend to step in.
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