BroadChain has learned from a Bloomberg report that Bitcoin demand continues to face headwinds, even amid growing institutional interest.
Data shows that as of the end of last month, the net demand—measured against newly mined BTC—was approximately negative 63,000 BTC. This deficit persists despite intensified ETF inflows and ongoing accumulation by certain large-scale strategies.
The report indicates that selling pressure from retail and other market participants is currently outpacing incremental institutional buying. Overall demand has been contracting since late November 2025, suggesting the market remains in a distribution phase.
Notably, the "whale" cohort, which accumulated around 200,000 BTC during the 2024 bull run, began offloading holdings in mid-2025. This distribution accelerated in the fourth quarter of 2025. Concurrently, the accumulation rate among medium-sized investors has also slowed.
While Bitcoin managed a 2.2% gain in March, breaking a five-month losing streak, its price of approximately $68,000 remains about 45% below its October peak of $126,000.
In a further sign of subdued sentiment, the Coinbase premium in the U.S. market has turned negative again, reflecting weakened buying interest from American investors.
CryptoQuant analysts suggest that a short-term price rebound for Bitcoin could be possible if current geopolitical tensions ease.