COINOTAG News notes that CryptoQuant posted data on social media indicating that the Bitcoin demand frenzy is waning. The current cycle delivered three waves of spot demand surges, with the latest wave appearing to crest and recede, signaling a shift in bid activity after a period of elevated interest.

Since early October, demand has been consistently below trend, a development that could exert downward pressure on price as liquidity tightens and buyers retreat. Analysts caution that the change in demand dynamics may influence price discovery and risk-reward in the near term.

Traders and investors should monitor fresh on-chain signals and spot demand metrics to gauge potential stabilization or renewed momentum. The data underscores a cautious stance until a renewed influx of demand emerges and supports a more constructive price path.