Analysis: Bitcoin demand is weak; short-term rebounds rely on ETF support.

CoinFeed reported on April 4th that, according to CryptoQuant data, institutional buying of Bitcoin has recently reached near historical highs. ETFs and Strategy have collectively absorbed approximately 94,000 Bitcoins in the past 30 days, but overall market net demand remains at -63,000 Bitcoins, with other participants selling off as much as 157,000 Bitcoins. Whales, previously the largest buyers, have turned to aggressive selling, with their holdings fluctuating by nearly 400,000 Bitcoins over 18 months; the pace of accumulation by mid-level holders has slowed significantly. The BTC spot price is trading at a 21% premium to realized prices, failing to reach a true historical bottom signal, and the premium is rapidly narrowing. Market sentiment is deeply mired in extreme panic, diverging from institutional inflows. This round of pullback is approximately 47%, with volatility narrowing compared to historical cycles. The bottom was entirely supported by ETFs, while overall demand remains weak.