BlockBeats message, April 2, according to Bloomberg, a report from the crypto data platform CryptoQuant says that despite improving ETF fund inflows and continued accumulation by Strategy and others, overall demand for Bitcoin is still under pressure. Data shows that as of the end of March, Bitcoin’s “apparent demand” (demand relative to incremental supply) was negative by about 63,000 BTC, reflecting that selling by large holders has had a dominant impact on the market.
The report points out that retail and other market participants have been selling more than institutions have been adding to purchases. Since the late November 2025 period, demand has continued to contract, and the market as a whole remains in a distribution phase. The whale group that accumulated roughly 200,000 Bitcoins during the 2024 bull market began large-scale distribution starting in mid-2025, with the pace of selling accelerating in the fourth quarter of 2025. Buying pace among mid-sized investors has also slowed down.
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