"Apparent demand has slowed considerably since early April and even dipped into negative territory this month," on-chain analytics firm CryptoQuant shared in a Wednesday note to CoinDesk.
"Bitcoin demand growth still needs to pick up before we can see a sustainable recovery in price and the possibility of new highs," the firm said.
CryptoQuant cited its demand indicator, which tracks the difference between the daily total bitcoin block rewards and the daily change in the number of bitcoin that has not moved in one year or more. Bitcoin rewards earned by miners are typically sold to cover operations, but an increase in selling from large holders indicates a waning demand for the asset.
The start of ETF trading in January and the Bitcoin halving event in May saw some bulls target the $80,000 level by June, citing a boost in demand, but prices are down 20% since May's lifetime highs.
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