币界网报道：Bitcoin's apparent demand has turned negative as the cryptocurrency market faces renewed pressure, with on-chain data showing a significant decline in accumulation by long-term holders. According to CryptoQuant, Bitcoin's Coin Days Destroyed (CDD) metric—which tracks dormant coins being moved—has spiked, indicating that long-term investors are offloading their holdings. This comes amid a broader market downturn, with Bitcoin's price dropping below $40,000 and altcoins experiencing even steeper losses. Analysts suggest that macroeconomic uncertainty, including potential interest rate hikes by the U.S. Federal Reserve, is contributing to the sell-off. Meanwhile, exchange inflows have surged, signaling increased selling pressure as traders move Bitcoin to exchanges for liquidation. Despite the bearish sentiment, some market participants remain optimistic, viewing the dip as a buying opportunity ahead of the upcoming Bitcoin halving in 2024. However, short-term volatility is expected to persist as institutional investors reassess their positions amid shifting regulatory and economic conditions. The market's next key support level is seen around $38,000, with resistance near $42,000.