Bitcoin fell 23% between Wednesday and Saturday, dropping from $81,000 to $62,000 and marking the failure of its latest rebound attempt. CryptoQuant data shows that 30-day spot demand fell to approximately negative 280,000 BTC, while perpetual futures demand stands at around negative 82,000 BTC. This weakness coincided with $1.07 billion in net Bitcoin ETF outflows last week and a $14.2 billion contraction in stablecoin supply over the past month. Bitcoin miner transfers to exchanges also exceeded 2,000 BTC, more than 16 times the 30-day daily average of 127 BTC, although such deposits may reflect treasury movements rather than immediate sales. With the price falling while mining difficulty remains elevated, miner profitability is under pressure, potentially encouraging less efficient operators to liquidate some of their holdings.
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