Bitcoin Demand Turns Negative as Whale Selling Accelerates, CryptoQuant Says

• Bitcoin’s apparent demand was negative by roughly 63,000 coins at the end of March, indicating new buying failed to absorb selling from existing holders.
• CryptoQuant says whale wallets have shifted from steady accumulation to net selling, while US demand has weakened and the Coinbase premium has turned negative again.

Bitcoin demand has softened again, and the pressure now appears to be coming from several directions at once.

CryptoQuant data shows that by the end of March, Bitcoin’s apparent demand, essentially the change in demand relative to new coin production, had slipped to about negative 63,000 BTC.

In plain terms, fresh buying was not strong enough to offset the selling coming from existing holders. That is not a small imbalance. It points to a market where supply from those already in profit, or at least already positioned, is outweighing incoming conviction.

Whales stop accumulating and start distributing

The more telling shift may be in large-holder behavior. According to the report, whale addresses have moved from continuous accumulation into net selling, with that selling pressure accelerating since the fourth quarter of 2025.

That matters because whales tend to shape market tone before retail fully reacts. When larger wallets stop absorbing supply and begin distributing instead, it usually changes the structure underneath price action. The chart is not showing a healthy pause in accumulation. It is showing that one of Bitcoin’s stronger demand cohorts has, at least for now, stepped back and then turned the other way.

Retail and other participants are not helping much either. CryptoQuant says those groups sold more Bitcoin than institutional investors bought, which helps explain why the market has struggled to rebuild stronger momentum.

US demand weakens as Coinbase premium slips negative

There is also a regional angle here. Demand from US investors has softened, and the Coinbase premium has turned negative again, a sign that buying appetite on one of the market’s most closely watched US venues has weakened relative to offshore pricing.

That combination leaves Bitcoin in a less comfortable position than the headline price alone might suggest. Existing holders are selling, whales are no longer providing steady support, and one of the clearest gauges of US spot demand has rolled over again. When all three show up together, it usually means the market is not short on liquidity, but short on urgency.