Bitcoin’s combined spot and perpetual futures demand has fallen to levels not seen since 2019, with data analytics firm CryptoQuant describing the contraction as significantly more severe than a normal slowdown. The firm said the current setup looks more like the beginning of a “final cleansing phase” than a confirmed market bottom.
Bitcoin Demand Destruction Signals Start of "Final Cleansing Phase," CryptoQuant Warns
9 June 2026 - 15:30 CEST
By Isabelle Castro
CryptoQuant’s 30-day Bitcoin demand growth metric has dropped close to -650,000 BTC, a level reached only three times since 2019. The reading is particularly concerning because both spot buying and perpetual futures demand are declining at the same time. This removes the marginal support needed to absorb ongoing selling from long-term holders, as the market loses both direct physical purchases and leveraged positioning that has historically helped stabilize prices during periods of stress.
Not yet at bottom
CryptoQuant compared the current decline to previous major drawdowns. During the March 2020 COVID crash and the 2022 bear market, demand deteriorated sharply before prices eventually found a low. The firm warned that any recovery from here is likely to be preceded by heightened volatility and a prolonged period of weak momentum and "price anesthesia."
The warning comes as US spot Bitcoin ETFs recorded 13 consecutive days of outflows between mid-May and 3 Jun, totalling $4.3bn and 59,351 BTC. ETF assets under management fell 23% over that period. Onchain data shows large holders sold 24,602 BTC in May alone, while Bitcoin’s April rally from $66,000 to $79,000 was driven mainly by growth in perpetual futures rather than spot purchases.
Additional pressures weigh on demand
Several short-term factors have added to the strain on Bitcoin demand. The escalation of US-Iran tensions in late May pushed oil prices higher, raising inflation concerns and reducing expectations for Federal Reserve rate cuts. Weaker US economic data have also weighed on risk appetite, with investors rotating into traditional safe-haven assets such as US Treasuries and gold.
Bitcoin has also faced competition for capital from the upcoming SpaceX IPO, while Strategy – the company long considered a consistent buyer of Bitcoin – made its first sale of the asset in four years. Bitcoin traded near $62,300 on 9 Jun at 13:20UTC, down roughly 50% from its October 2025 all-time high of $126,230.
