CryptoQuant: BTC may fall to $60000, exacerbating market structural weakness

The CryptoQuant report shows that on chain data indicates a deepening downturn in the current market, with weaker performance than in the early stages of the bear market in 2022, and BTC prices may fall towards $60000. The next major support zone for BTC is between $60000 and $70000. Institutional demand has sharply reversed, with US spot BTC exchange traded funds shifting from net buying to net selling. Retail participation has been sluggish, and Coinbase premiums have remained negative since mid October. Tightening liquidity conditions have resulted in a 93% decrease in annual BTC spot demand growth from 1.1 million to 77000 over the past four months.