Bitcoin Buying Fails to Offset a Wave of Selling by Big Holders

Bitcoin demand remains under pressure even as institutional buying picks up, suggesting the broader market is still selling the token, according to data analytics platform CryptoQuant.

Apparent demand, which measures the extent to which demand exceeds or falls short of new Bitcoin being mined, was negative to the tune of about 63,000 as of late last month, CryptoQuant said in a report published Wednesday. That’s despite periods of stronger buying by exchange-traded funds and continued accumulation by Michael Saylor’s digital asset treasury firm Strategy Inc.