Bitcoin’s apparent demand has crashed to a level seen only three times since 2019, according to a June 9 update from CryptoQuant. Analyst MorenoDV_ described the move as the beginning of a “final cleansing phase,” rather than a confirmed reversal. The demand metric, which gauges whether new Bitcoin supply is being absorbed by buyers or met with selling pressure, now stands among the weakest readings since the start of the 2020 bull run.
The rarity of this signal—only three occurrences in over seven years—suggests an exhaustion of momentum that is structurally different from a routine dip. It reflects not a sudden panic but a gradual hollowing out of the bid side. Previous instances preceded significant market moves, though not always immediately higher. The analyst expects a last round of forced selling before any durable recovery can take hold, but notes that macro and regulatory uncertainties, including a looming Senate vote on a crypto bill that banks are attempting to block, could prolong or worsen this phase.
Meanwhile, Lekker Capital’s CIO Quinn Thompson maintained a firmly bearish outlook, advising investors to “come back after the summer.” He cited structural challenges such as digital asset treasury concerns, unresolved questions around Strategy’s preferred stock (STRC), and lingering fears over quantum computing risks to Bitcoin’s security model. Thompson also warned that a wave of blockbuster IPOs from SpaceX, Anthropic, and OpenAI could absorb trillions of dollars, creating a liquidity drain for risk assets. Combined with weak crypto liquidity and persistent selling pressure, these factors have produced one of the largest divergences between Bitcoin and technology stocks in recent history, with crypto sharply underperforming despite strength in the broader tech sector.
The demand vacuum stands in stark contrast to capital flowing into tokenized real-world assets, which have surpassed $20 billion in on-chain value. This divergence suggests the crisis is centered on Bitcoin spot demand specifically, possibly driven by store-of-value erosion or competition from other on-chain yield sources. The coming weeks will test whether the on-chain demand floor can form while lawmakers and large banks rewrite the rulebook, and while IPO markets compete for investor attention.
