Bitcoin On-Chain Demand Remains Healthy — What Does This Mean?

On-chain and macro analyst Axel Adler Jr., a verified contributor at CryptoQuant, reports that current Bitcoin market conditions remain healthy, based on demand metrics outlined in his latest research. In a post shared on June 3, Adler highlighted that early-week trading aligns well with the model described in his recent Substack update.

Demand Signal Remains Strong

Adler defines current on-chain demand as the average of Demand Generation and Stable Bitcoin Demand—two metrics that reflect both new buyer interest and ongoing stable inflow support. According to the chart he shared, the market is showing sustained levels of high demand, consistent with previous periods of upward momentum.

The visual shows four major demand waves:

Initial accumulation and breakout (early 2023) Post-pullback recovery and reaccumulation (mid-2024) Early 2025 stability zone Current demand zone forming, highlighted in blue and green bands

The Difference Liquidity (BTC inflow minus stablecoin inflow) on a 30-day and 90-day moving average confirms this rising trend, with price support appearing to align with each wave of elevated demand.

Market Outlook

“Judging by the first two trading days, the market looks healthy and aligns with the model I described on Friday,” Adler wrote.
The analyst’s model suggests that if current demand levels persist, Bitcoin could maintain its strength or enter a new bullish phase, especially as demand generation remains active and stablecoin inflows support liquidity.

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