Bitcoin Whales Turn Net Sellers as Demand Contracts 63K
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- CryptoQuant's "apparent demand" metric was negative by ~63,000 Bitcoin as of late last month, with the data firm confirming a sustained demand contraction persisting since late November 2025.
- Bitcoin whales accumulated roughly 200,000 tokens during the 2024 bull market but have turned net sellers since mid-2025, with the pace of distribution accelerating sharply through Q4 2025.
- Strategy Inc. was one of the few Bitcoin treasury firms buying in Q1, accumulating nearly 90,000 tokens, but overall demand still contracted by 166,000 Bitcoin in the same period, per CryptoQuant.
- CryptoQuant research head Julio Moreno said Strategy alone cannot offset the demand contraction and warned that "while this is the case, the price would remain in a bear market."
- Bitcoin snapped a five-month losing streak in March with a 2.2% gain, but at ~$67,000 remains more than 45% below its ~$126,000 peak reached in early October 2025.
- The Coinbase Premium — measuring the price gap between US and offshore exchanges — turned negative again, signaling that American investors are no longer bidding up Bitcoin.
- CryptoQuant noted that a de-escalation of the US-Iran conflict could serve as a near-term positive catalyst, potentially triggering a relief rally.
Why it matters: Strategy's ~90,000-Bitcoin Q1 accumulation couldn't fill a 166,000-token demand hole, and CryptoQuant's research head says the price will 'remain in a bear market' until whale selling reverses — meaning Bitcoin's near-term recovery depends almost entirely on whether large holders stop distributing and whether US-Iran tensions de-escalate.
