Bitcoin Demand Weakens in the U.S.: What Should Investors Do?

In recent weeks, demand for spot Bitcoin (BTC) ETFs based in the U.S. has significantly weakened. The on-chain analysis platform CryptoQuant reported that U.S. investors are experiencing a notable slowdown in demand for both Bitcoin and Ethereum (ETH). Following a rally that reached $126,000 at the end of September, it is noted that investors are shifting towards profit-taking and adopting cautious positions instead of buying back in.

According to data, U.S. spot Bitcoin ETFs recorded a net outflow of 281 Bitcoin in the last seven days. This stands out as one of the weakest levels of demand seen since April. During the same period, inflows into Ethereum ETFs have nearly come to a complete halt. This scenario indicates that both institutional and individual investors are waiting for a new catalyst to justify buying back in.

The CryptoQuant report reveals that the Coinbase premium is approaching zero, indicating that spot demand in the U.S. has stalled. Given that positive premiums have historically signaled bullish periods, this development suggests a waning interest from local buyers. Additionally, the Chicago Mercantile Exchange (CME) Bitcoin futures basis rate has fallen to 1.98%, while Ethereum's six-month basis rate has dropped to 3%, reaching the lowest levels in the last two years.

All these indicators suggest that U.S.-based investors have entered a cautious wait-and-see phase following the September rally, and that a strong macroeconomic or regulatory catalyst is needed for the market to find a new direction. For investors, it is important to monitor market dynamics in light of these developments and to shape their strategies accordingly.