Equities are printing new records, manufacturing indicators are accelerating, and oil markets show little sign of stress. Bitcoin, however, is stuck in a correction that has nothing to do with any of that. According to the CryptoQuant update from analyst J.A. Maartunn, overall Bitcoin demand—both speculative and spot—is contracting at a monthly pace of 232,000 BTC. That number demands attention because it directly points to what’s missing: fresh conviction from buyers.