CryptoQuant reports that despite these positive signals, the broader picture of Bitcoin demand remains less encouraging. Overall demand growth has been sluggish and has even turned negative in recent weeks.
This trend contrasts sharply with the situation earlier in the year; in early April, when Bitcoin was trading at $70,000, apparent demand was much stronger.
The current demand levels suggest that while U.S. investors are driving short-term price movements, a more sustained and widespread increase in demand is necessary for Bitcoin to recover fully and achieve new highs.