Bitcoin Demand Metric Hits Lowest Level Since Early 2026
- CryptoQuant analyst Darkfost reported that Bitcoin’s apparent demand has reached its most bearish level of the year.
- The on-chain metric is approaching minus 147,000 BTC, marking its weakest point since early-2026.
- This decline occurs despite a recovery in Bitcoin’s price from early-2026 lows, indicating a lack of improvement in structural spot demand.
- Darkfost emphasizes that futures markets alone cannot sustain a durable rally without genuine spot demand.
The current negative reading of Bitcoin’s apparent demand suggests insufficient market absorption to offset new issuance and support a stable bullish phase. Despite the short-term bearish implications, such environments have historically presented opportunities for long-term investors.
Bitcoin’s price recovery has not been matched by an increase in structural spot demand, as indicated by the deeply negative apparent demand metric nearing -147,000 BTC. (Source)
