Bitcoin's overall demand remains under pressure despite increased institutional buying, according to CryptoQuant data reported by Bloomberg. As of the end of March, Bitcoin's apparent demand, which measures demand relative to new supply, was negative by approximately 63,000 BTC. This indicates that new demand is insufficient to offset the selling by existing holders. Retail and other market participants have sold more than institutions have accumulated, with whale addresses shifting from accumulation to net selling since Q4 2025. CryptoQuant also noted that demand has been shrinking since late November 2025, with the market still in a distribution phase. U.S. investor demand has weakened, and the Coinbase premium has turned negative again, reflecting reduced interest from American buyers.