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Keshav Verma

CryptoQuant Research Head Says Bitcoin Market Cycles Are Driven by Demand, Not Price Levels

CryptoQuant head of research Julio Moreno has outlined on X that Bitcoin's market cycles are better defined by demand dynamics than by price moves. Using the Apparent Demand metric, which compares miner issuance with changes in 1-year dormant supply, he notes the 30-day reading has turned negative while the yearly value is declining. At the same time, net flows into US spot Bitcoin ETFs have recently been negative, and Bitcoin is consolidating around the $88,000 mark.
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