The latest report from crypto analytics firm CryptoQuant shows that the bitcoin demand indicator has slowed sharply since the beginning of April and even fell to negative this month, raising concerns about the short-term prospects of bitcoin. Despite the launch of multiple bitcoin spot ETFs in January this year, the heat is cooling down. The data shows that the average daily purchase of bitcoin spot ETFs has plummeted from 12,500 in March (when bitcoin prices exceeded $70,000) to just 1,300 last week. Since its launch, bitcoin ETFs have attracted a net inflow of $17.50 billion, but the growth rate has slowed significantly. The growth in total holdings of large bitcoin investors has also fallen from 6% monthly in March to 1% currently. However, there are still positive factors in the market. Long-term holders (wallets held for more than six months) continue to accumulate bitcoin at record levels, with their total balance hitting a new monthly high this week at 391,000 BTC. Meanwhile, the total stablecoin market cap climbed to an all-time high of $165 billion, which usually signals increased liquidity in the crypto market, potentially triggering price increases.