Bitcoin’s institutional fans have suddenly ghosted like a bad Tinder date, causing a dramatic plunge in inflows that’s sending BTC’s price tumbling below $110K.
If you thought the Bitcoin rally was a done deal, hold that thought.
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From 10,000 to 600
BlackRock, the big player in crypto ETFs, just dialed down its BTC buying to a measly 600 coins weekly.
Over the past three weeks, BlackRock’s spot BTC ETF has seen less than 0.6k BTC in weekly net inflows.
This is a sharp decline from the >10K BTC net inflow per week that preceded each major rally this cycle, signalling a notable slowdown in institutional demand.… https://t.co/0cHlxG1BaS pic.twitter.com/yybDzgO5SU
— glassnode (@glassnode) November 3, 2025
That’s a 90% nosedive from the 10,000+ BTC per week they were snapping up during the hype train.
What’s worse, the big Bitcoin treasury whales, led by Michael Saylor’s famed Strategy group, aren’t showing up at the buffet either.
Their once-aggressive bids have waned, leaving BTC’s bounce back looking like a deflated balloon.
analysts say that long-term holders, those early birds who usually keep the party going by hodling, have been shedding coins.
But a more grounded view from some experts suggest BTC is just entering its “IPO moment”, a slow, thoughtful consolidation phase before it tries to shoot higher again.
Demand bubbling up, but slowly
On-chain data scientist Julio Moreno made it clear, and said the market’s sell pressure has outpaced demand lately.
“Is there enough demand to soak up supply at higher prices? Nope, not in recent weeks. That’s why prices are slipping.”
Instead of looking at Bitcoin long-term holder distribution/spending, I like to look at the other side of the trade.
Is there enough demand to absorb the supply at higher prices? Since a few weeks ago the answer is no, and that is why we see prices declining.
On a longer term… pic.twitter.com/3cNBY9Vk7e
— Julio Moreno (@jjcmoreno) November 3, 2025
Yet, don’t write Bitcoin off just yet. Moreno sees demand bubbling up slowly in the long haul, hinting that the market’s heart isn’t fully out.
The market hasn’t overheated yet
Brace for some deja vu from history buffs, Bitcoin’s “Negative Apparent Demand” signals in 2024 and 2025 coincided with local bottoms in the past cycles.
Will that historical magic work again? Don’t bet tha farm on it, it’s a coin toss, quite literally.
Now, here’s a nerdy tidbit for the data heads, the MVRV Z-Score, a fancy metric tracking market peaks, hasn’t overheated yet.
Past spikes above 3 marked local tops, and Bitcoin is still below that magic mark. So maybe, just maybe, the cycle’s climax is playing hard to get.
Have you read it yet? Balancer’s $70 million mystery, aka who stole the staked Ether cookies?
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
📅 Published: November 5, 2025 • 🕓 Last updated: November 5, 2025
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