NEW YORK (Azat TV) – Apparent demand for Bitcoin turned negative by approximately 63,000 coins at the end of March, signaling that selling by existing holders outpaced new demand, according to data from analytics firm CryptoQuant. This trend suggests that while institutional investors made some purchases, retail and other market participants offloaded more Bitcoin than was acquired.
Whale Addresses Shift to Net Selling
CryptoQuant’s analysis highlights a notable shift in the behavior of large Bitcoin holders, often referred to as “whales.” These addresses, previously characterized by continuous accumulation, have transitioned to net selling. This change in strategy has reportedly accelerated since the fourth quarter of 2025, indicating a growing inclination among significant players to divest their holdings.
Weakening Demand and Negative Coinbase Premium
The decline in Bitcoin demand is further evidenced by a weakening in demand from U.S. investors. Specifically, the Coinbase premium, a metric that reflects the difference between Bitcoin’s price on Coinbase and its price on other exchanges, has turned negative again. A negative Coinbase premium typically suggests that selling pressure is higher on the platform, often associated with increased outflows or reduced buying interest from U.S.-based traders.
Market Dynamics and Investor Sentiment
The data points to a complex market dynamic where the selling pressure from a broad base of existing holders, including retail investors and formerly accumulating whales, has become a dominant force. This contrasts with periods of sustained demand driven by new entrants or consistent institutional inflows. The sustained selling pressure, particularly in the latter half of 2025 and continuing into early 2026, suggests a shift in market sentiment or a strategic reallocation of assets by key participants.
The confluence of negative apparent demand, whale divestment, and a negative Coinbase premium collectively indicates a period of bearish pressure on Bitcoin, driven by a reduction in new buying interest and an increase in supply from established holders.