PANews reported on June 9th that CryptoQuant analyst MorenoDV stated that Bitcoin demand has entered one of the most extreme contractions since 2019. Combined 30-day demand growth for both spot and perpetual futures has fallen to approximately -650,000 BTC, a threshold that has only appeared three times in history. This simultaneous contraction in both spot and futures demand means the weakness is not limited to leveraged speculation; institutional buying and derivatives exposure are being withdrawn in tandem, leaving Bitcoin facing fewer marginal buyers and weaker selling pressure absorption capacity. Historically, a deep support zone of -650,000 BTC has typically marked the beginning of a highly volatile market phase, rather than an immediate bottom.

Analysts believe the current pattern is less like a confirmed reversal and more like the beginning of a final cleansing phase. The most likely path is an initial expansion of volatility, followed by a period of price "anesthesia": weak momentum, compressed activity, and prolonged sideways movement. This phase could be psychologically more destructive than the sell-off itself.