A key indicator of Bitcoin demand in the cryptocurrency market turned negative at the end of March, sparking concerns among investors.
According to data shared by on-chain data platform CryptoQuant, the “apparent demand” metric, which measures the true strength of market demand, recorded a decline of around 63,000 BTC.
Analysts at CryptoQuant said the decline revealed that new buying demand was insufficient to offset existing selling pressure. Specifically, it noted that sales by retail investors and other market participants exceeded purchases by institutional investors.
As is known, a more notable development occurred among “whale” investors. These investors who have accumulated wealth over the long term are now reportedly moving into short positions, putting further selling pressure on the market. Analysts emphasized that this selling trend has accelerated since the fourth quarter of 2025.
On the other hand, a decline in demand from US-based investors is also noteworthy. This caused the Coinbase Premium Index, which measures the spread between bid and ask prices in the US market, to turn negative again. Experts say this development signals a short-term decline in U.S. investors’ interest in Bitcoin.
Market participants have warned that downward pressure on Bitcoin prices could continue if demand remains weak. However, the long-term outlook will continue to be shaped by macroeconomic conditions and institutional concerns.
*This is not investment advice.
