Bitcoin’s 30-Day Apparent Demand Falls to Lowest Since April 2025

Bitcoin (BTC) demand reached its lowest point since April 2025 as U.S. spot Bitcoin ETF flows turned to net outflows and wallets holding 10 to 1,000 BTC reduced their holdings, despite buying by wallets holding at least 1,000 BTC.

Bitcoin’s 30-day apparent-demand measure fell to negative 284,000 BTC, its lowest reading since April 2025. Wallets holding at least 1,000 BTC added about 47,000 BTC, while wallets holding 10 to 1,000 BTC reduced their balances by about 64,900 BTC.

U.S. spot Bitcoin ETFs shifted from net inflows of 49,700 BTC to net outflows of 29,600 BTC. Additions by wallets holding at least 1,000 BTC did not offset reductions among wallets holding 10 to 1,000 BTC or the ETF outflows.

From Oct. 29 through Nov. 13, net realized losses were recorded on 14 of 16 days, totaling about 84,000 BTC. Losses reached 18,500 BTC on Nov. 13, the largest single-day total of the current downturn.