Bitcoin's latest rebound attempt has reversed sharply, with the asset falling from $81,000 last Wednesday to $62,000 on Saturday, representing a 23% decline. According to analysis from CryptoQuant, the weakness extends beyond typical leverage liquidations, with multiple sources of selling pressure intensifying simultaneously.
Spot Demand Remains Critically Weak
CryptoQuant's Spot and Perpetual Futures Demand Growth indicator shows that 30-day Bitcoin spot demand has fallen to approximately -280,000 units, while perpetual futures demand sits around -82,000 BTC. Combined, these figures represent over 360,000 BTC in negative demand. Futures taker CVD remains dominated by sellers, while spot taker activity remains neutral rather than showing the aggressive buying necessary to support a sustained rebound.
This weakness has persisted for weeks. CryptoQuant's 30-day apparent demand had remained negative since October 14, reaching -76,000 BTC by October 25. Institutional demand has deteriorated as well, with spot Bitcoin ETFs experiencing almost $1.3 billion in net withdrawals during the first full week of November, a four-month high. ETF outflows continued in the past week with $1.07 billion leaving the funds.
Liquidity elsewhere is shrinking. Stablecoin supply has dropped approximately $14.2 billion over the past month, removing potential deployable crypto-market capital.
Miner Activity Shifts
Bitcoin miner transfers to exchanges recently surged to over 2,000 BTC, exceeding the 30-day daily average of 127 BTC by more than 16 times. Almost the entire transfer came from Antpool. While exchange deposits can represent treasury movements rather than immediate sales, the timing coincides with elevated mining difficulty, potentially squeezing profitability for less efficient operators.
This represents a significant reversal from October conditions, when aggressive miner selling had largely subsided following extreme outflow events in late August.
