Bitcoin (BTC) Buying Support Weakens as Holder Gains Fall to 8.1%

Bitcoin (BTC) demand signals weakened through late October, with an on-chain measure negative for 12 straight days and average paper gains for recent holders dropping to 8.1%. The readings add a new measure to earlier signs of weak spot demand among short-term holders.

The demand measure remained below zero through Oct. 25. Coinbase’s Bitcoin price was lower than Binance’s throughout Oct. 1-25, a gap that pointed to comparatively weaker buying in the U.S. market.

Average unrealized gains for people who had held BTC for one to three months fell to 8.1% by Oct. 26, down from 33.4% on Sept. 22. The figure represents paper gains on holdings that have not been sold.

A bull-market score stood at 60, with six of its 10 indicators remaining bullish. The mixed readings describe a cooling market, but do not establish that Bitcoin has shifted into a bear market.