According to André Dragosch, the institutional demand metric provides a cleaner, more direct read of changes in Bitcoin demand than the commonly used apparent demand metric, which has turned noisy in recent data. Source: André Dragosch on X, Jan 13, 2026. He adds that the decline in apparent demand and long-term holder distribution are linked via shifts in inactive supply older than 1 year, a key supply component traders should monitor for BTC flow and liquidity regimes. Source: André Dragosch on X, Jan 13, 2026. Trading takeaways: prioritize the institutional demand metric for signal quality, treat apparent demand swings cautiously, and track inactive supply older than 1 year as a proxy for long-term holder distribution that may affect spot supply and price impact. Source: André Dragosch on X, Jan 13, 2026.