Bitcoin’s apparent demand is recovering at around 100,000 BTC after an over 80% decline within the past 30 days, according to CryptoQuant data.
Historical records show demand peaked at 810,339 BTC on August 23, 2017; 573,885 BTC on January 10, 2021; and 464,490 BTC on April 1, 2024, when the last Bitcoin halving occurred.
Data from January to early February 2025 indicates apparent Bitcoin demand dropped from 207,964 BTC on Jan. 1 to 33,587 BTC by Jan. 31 before recovering above 50,000 BTC in early February and exceeding 100,000 BTC by mid-month.
Although the January 2025 figure marks the highest intra-year reading so far, it remains below previous bull-cycle levels.
Prices reached around $109,000 US dollars in late January before stabilizing in the mid-$90,000 range through February. While demand appears robust and increasing on a month-to-month basis relative to the end of 2024, it does not approach the multi-hundred-thousand levels observed in past cycles.
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