Bitcoin is attempting to stabilize above the $62,000 level following one of the most aggressive selloffs of the current market cycle. While price has stopped falling for now, new on-chain analysis suggests the deeper story may be unfolding beneath the surface. According to analyst MorenoDV, Bitcoin demand has entered one of its most extreme contraction phases in more than six years. The signal stands out not because of price alone, but because it reflects simultaneous weakness across both spot and perpetual futures markets, a combination that has appeared only three times since 2019.