Analysts: Bitcoin demand hits a low level that has only occurred three times since 2019.

CoinFeed reported on June 9th that CryptoQuant analyst MorenoDV stated that Bitcoin demand has entered one of the most extreme contractions since 2019. Combined 30-day demand growth for spot and perpetual futures has fallen to approximately -650,000 BTC, a threshold that has only appeared three times in history. The simultaneous contraction in both spot and futures demand means the weakness is not limited to leveraged speculation; institutional buying and derivatives exposure are being withdrawn simultaneously, leaving Bitcoin facing fewer marginal buyers and weaker selling pressure absorption capacity. Historically, a deep support zone of -650,000 BTC has typically marked the beginning of a highly volatile market phase rather than an immediate bottom. The analyst believes the current pattern is less like a confirmed reversal and more like the start of a final cleansing phase. The most likely path is an initial expansion of volatility followed by a period of price "anesthesia": weak momentum, compressed activity, and prolonged sideways movement.