CryptoQuant’s Research Director Julio Moreno highlighted a deceleration in Bitcoin’s momentum following its surge towards the $112,000 mark. While spot market demand continues to expand, it is doing so at a pace below historical averages, signaling a potential plateau in buying activity. Notably, acquisitions by whales and Bitcoin ETFs have diminished by approximately 50%, reflecting a cautious stance among large-scale investors.
Additionally, the influx of new market participants is waning, indicating a shift in investor sentiment. In the futures market, traders have begun to realize profits, concurrently initiating short positions, which may suggest anticipation of a price correction. This behavior underscores a more conservative approach amid current market conditions.
Should demand remain subdued, Bitcoin is likely to find critical support near the $92,000 level, aligning with the on-chain realized cost—a key metric for gauging trader break-even points during bullish phases. A breach of this threshold could expose the cryptocurrency to further downside risk, with the next significant support anticipated around $81,000, corresponding to the lower boundary of realized cost metrics.