PANews reported on April 2nd, citing Bloomberg, that data from CryptoQuant shows that despite increased institutional buying, Bitcoin demand remains under pressure. As of the end of March, apparent demand (a measure of whether Bitcoin demand exceeds or falls short of the number of newly mined Bitcoins) was negative, at approximately 63,000 coins. This indicates that new demand is insufficient to offset selling by existing holders. The report notes that selling by retail and other market participants exceeded the scale of institutional buying. Whale addresses have shifted from continuous accumulation to net selling, significantly reducing their holdings over the past year, with selling accelerating since the fourth quarter of 2025. Demand has been shrinking since late November 2025, confirming that the market is still in a distribution phase. Demand from US investors has also weakened, with the Coinbase premium turning negative again. CryptoQuant suggests that a de-escalation of the US-Iran conflict and geopolitical tensions could be a short-term positive catalyst, triggering a Bitcoin rebound.