Bitcoin (BTC) Demand Dropped Prior to Halving, According to Crypto Analytics Firm CryptoQuant – Here’s Why

Bitcoin (BTC) demand dropped before the halving, according to the crypto analytics firm CryptoQuant.

The firm notes that investors took profits ahead of the halving event, which happened on Friday night and slashed Bitcoins block rewards from 6.25 BTC ($398,134) to 3.125 BTC ($199,067).

The firm suggests that Bitcoin investors could be waiting on the sidelines for the ongoing geopolitical uncertainty in the Middle East to de-escalate.

CryptoQuant also notes that large holders and exchange-traded funds (ETFs) have been acquiring less Bitcoin, which the firm attributes to market uncertainties and structural changes caused by the halving.

Source: CryptoQuant

CryptoQuant notes that one metric appears bullish, however.

Bitcoin is trading at $63,655 at time of writing.

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