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Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) have declined roughly 5% and 8% over the past month, as on-chain data points to a pause in U.S. investor demand.
What Happened: According to CryptoQuant, enthusiasm among U.S. investors has cooled across ETFs, spot markets, and derivatives.
Bitcoin ETFs have turned to net outflows, averaging 281 BTC over the past week, the weakest level since April.
Ethereum ETF inflows have nearly stalled since mid-August.
The Coinbase premium for both BTC and ETH has flattened to zero, indicating reduced U.S. buying pressure.
On the CME, Bitcoin's annualized futures basis has dropped to 1.98%, and Ethereum's six-month basis to 3.0%, both at multi-year lows, reflecting weaker appetite for leveraged exposure.
Overall, the data shows a consolidation phase as traders take profits and wait for new catalysts before re-entering the market.
Also Read: ‘Worst Crypto Bull Market Ever’: Why Bitcoin, Ethereum, XRP Traders Are Fed Up
Why It Matters: CryptoQuant noted in an X post on Tuesday that this pullback is likely temporary and mid-cycle, not a major top.
Unlike the overheated peaks of early 2021, capital inflows remain moderate, suggesting limited downside risk.
The firm expects the correction to be short-lived, with lower overheating levels hinting that both the depth and duration of the current dip will be mild.
Historically, altcoins have rallied strongly after such pauses, implying that the next leg up could coincide with a major altcoin surge once momentum returns.
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Image; Shutterstock
