The slowdown in Bitcoin demand can be attributed to a sharp decline in purchases in the United States.
Demand for Bitcoin has been in a downtrend since April, approaching negative levels over the past few weeks.
According to an Aug. 20 report from data analytics firm CryptoQuant, the apparent demand for the digital asset has dropped from a 30-day growth of 496,000 Bitcoin (BTC) in April to a current negative growth of 25,000 BTC.
As per the analysis, apparent demand is determined by calculating the difference between the daily total Bitcoin block subsidy and the daily change in the number of Bitcoins that have remained steady for one year or longer.
