Bitcoin (BTC) 
$91,967 has managed to maintain its position above $104,500 despite escalating geopolitical tensions. However, a report by CryptoQuant from June 19, 2025, raises alarms for the cryptocurrency market. According to the report, flows into ETFs have dropped by over 60% since April, and whale accumulation has halved. The demand momentum indicator has reached a historic low. Analysts warn that if demand continues to weaken, Bitcoin could drop to $92,000, or even $81,000. Meanwhile, Glassnode interprets this quiet period as a natural transition towards greater institutionalization of the market, while Flowdesk notes that the market remains congested with its direction uncertain.
Demand Declines before Prices
Recent data from CryptoQuant highlights a sharp decline in demand for Bitcoin. Especially noticeable is the drop in investor interest in U.S.-based spot Bitcoin ETFs, with net flows into these funds having decreased by more than 60% since their peaks in April.
The accumulation rate of BTC by whales, who are known as large investors, has recently fallen by half. These two significant indicators reveal a marked weakening of buyer strength in the market. The company’s “Demand Momentum” tracker is currently at its lowest levels.
In light of these findings, CryptoQuant analysts caution that if the current trend persists, Bitcoin prices could test important support levels. Targeted levels are $92,000 and, in a more pessimistic scenario, $81,000. Such significant potential declines are seen as a result of historically weak demand in the market.
Strategic Moves by Institutional Players
On the other hand, blockchain analysis firm Glassnode doesn’t view the current market stagnation entirely negatively. The firm sees the decline in market activity as a natural outcome of the crypto ecosystem increasingly falling under the influence of institutional investors. The continued consistency of large-volume money transfers indicates these major players remain active in the market.
Another notable change in the market structure is the growth size of derivatives markets. Trading volume for derivative products such as futures and options now exceeds spot market volumes by up to 16 times. This ratio suggests that market participants are utilizing more complex strategies and risk management tools, thereby deepening market behavior.
Moreover, Santiment’s data reveals a marked divergence between small and large investors. In the last 10 days, the number of large wallets holding 10 or more BTC increased by 231, while the number of small wallets holding between 0.001 and 10 BTC decreased by over 37,000. Historically, such periods when individual investors flee and large investors accumulate often precede upward price movement.
Some interpret Bitcoin’s current stability around $104,500 as “smart money” preparing for a rise. Semler Scientific announced plans to increase its holdings to 105,000 BTC by 2027 through stock sales and borrowing, starting the day with 4,449 BTC.
