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$BTC Spot demand remains relatively weak and is therefore increasingly driven by two main sources :
Strategy - Bitcoin ETFs
The issue is that Strategy has significantly reduced its BTC purchases, and we recently even witnessed its second Bitcoin sale.
As for ETFs, outflows have been occurring week after week. As a result, monthly average demand growth has turned negative.
At approximately -66,000 BTC, we have reached a level of net outflows never seen before.
While these two channels represent only part of overall demand, their combined impact has often been significant enough to influence Bitcoin's price action.