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Historical on-chain data shows that high bitcoin demand often precedes price recoveries and rallies; however, this is not the case at the moment. Current market dynamics suggest that such price movements are unlikely in the near term because BTC demand growth has remained at low levels.that bitcoin demand has slowed significantly since early April, when the crypto asset hovered around $70,000. This is seen in the slow daily growth of bitcoin and the declining increase of large investor holdings.
On the brighter side, stablecoin liquidity is now increasing. This was not the case weeks ago. CryptoQuant said the total market capitalization of stablecoins has surged to a new all-time high at $165 billion. Permanent bitcoin holders are also accumulating BTC at unprecedented levels, causing their balances to grow at a record-high monthly rate. An increase in stablecoin liquidity and demand from permanent holders correlates with higher bitcoin prices, suggesting there is a good chance the market may witness a rally in the coming weeks.
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