Crypto Secrets: What Does the Hidden Rise in Bitcoin Demand Mean?

In recent months, there has been an increase in demand for Bitcoin (BTC). However, according to analysts, this increase needs to strengthen further to significantly drive prices higher. In addition, CryptoQuant emphasizes that it is difficult for prices to increase without stronger demand growth in the fourth quarter of 2024.

Recent Developments in Bitcoin Demand

First of all, CryptoQuant noted that the demand for Bitcoin has been steadily increasing in September. However, it observed that this increase is not as strong as it was at the beginning of the year. There have been fluctuations in demand since July, with changes ranging from a net loss of 23,000 BTC to a gain of 69,000 BTC. This indicates that analysts were expecting a larger growth.

Especially the data from April shows the peak in demand for Bitcoin. At that time, demand had increased by up to 496,000 and prices had approached $70,000. Although this level has not been reached for now, there are signs of further growth potential.

Historical Trends and 2024 Expectations

On the other hand, analysts noticed that the behavior of Bitcoin holders at the beginning of 2024 is similar to the halving cycles of 2016 and 2020. Long-term holders, in particular, have caused an increase in demand by selling Bitcoin to new buyers. However, while this trend gained momentum at the beginning of the year, it slowed down during the summer.

When looking at historical trends, it is expected that there may be a new increase in demand. This increase could bring about a rise in short-term supply. Therefore, this situation could mean that Bitcoin prices may rise in the coming periods.

The Importance of Spot Bitcoin ETFs

As reported by Kriptokoin.com, spot Bitcoin ETFs experienced a notable development in September. In particular, the ETFs shifted from net sales to net purchases. On September 30th, 7,000 BTC was purchased, which was recorded as the highest daily volume since July. This is considered a strong demand signal in the market. In addition, ETFs are expected to buy approximately 9,000 Bitcoin per day in the first quarter of 2024. Therefore, these purchases will significantly contribute to the potential rise in BTC prices.

The role of Spot ETFs in the market is becoming increasingly important in this regard. As a result, Bitcoin demand has been steadily increasing in recent times. However, a stronger increase in demand is needed for prices to rise significantly. Additionally, the 2024 halving cycle and the impact of spot BTC ETFs will lead to a new increase in demand in the future. According to analysts, if demand increases in light of these developments, there will be a significant increase in BTC prices.

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