Five data sources say the same thing about bitcoin market. It's thinning from the inside

CryptoQuant data shows overall bitcoin demand is contracting at -63,000 BTC per month even as institutional buyers accelerate purchases, with large holders distributing nearly 188,000 BTC over the past year. What to know : Institutional buyers, including ETFs and Strategy, are accumulating bitcoin near record levels, but broader market selling from whales, miners and other holders is overwhelming that demand. Multiple on-chain and sentiment indicators show a thinning demand structure, with large holders aggressively distributing, U.S. institutional appetite muted and bitcoin trading only about 21 percent above its realized price. Analysts say bitcoin's smaller, roughly 50 percent drawdown from its 2025 peak suggests a maturing market that may avoid a classic capitulation bottom, leaving prices dependent on whether ETF and advisory channels can keep absorbing ongoing supply.