BlockBeats News, June 9th, CryptoQuant analyst MorenoDV stated that Bitcoin demand has entered one of the most extreme contraction phases since 2019. The 30-day composite demand for spot and perpetual contract has dropped to around -650,000 BTC, a level of extreme rarity in history, only seen 3 times before. The market demand contraction has far exceeded a typical retracement phase.

Currently, not only has spot demand decreased, but perpetual contract demand has also shrunk simultaneously, indicating that both leveraged speculation and real buying interest are retreating, with a significant reduction in marginal buying pressure. The current structure is more akin to the early stage of an "ultimate washout phase" rather than a clear reversal signal, suggesting that there may be a period of low momentum and low-volume consolidation after a volatility expansion.

Historically, when this indicator reaches such a level, it is usually not an immediate bottoming signal but more commonly occurs before or after a period of intense volatility or a deep downtrend, such as during the 2022 bear market. The market has often experienced further amplified fluctuations before entering a more prolonged phase of bottoming consolidation.