Head of research at on-chain analytics firm CryptoQuant has explained how demand makes the basis of a Bitcoin cycle, rather than price performance.
Bitcoin Apparent Demand Has Been Declining Recently
In a new post on X, CryptoQuant head of research Julio Moreno has talked about Bitcoin cycles from a different lens. “Most are focusing on price performance to define a cycle, when it is demand what they should be looking to,” noted Moreno.
The analyst has gauged the “demand” for the cryptocurrency using the Apparent Demand indicator, which compares the daily miner issuance against the changes in the 1-year dormant supply.
The first of these, the miner issuance, is the amount that miners are “minting” on the network every day by receiving block rewards. This metric essentially reflects the “production” of the asset. The 1-year inactive supply, on the other hand, can be thought of as the cryptocurrency’s “inventory.”
Thus, the Apparent Demand basically com
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