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Analysis: Bitcoin's apparent demand has dropped to the most pessimistic level this year.

比特范_
PANews, May 25 – CryptoQuant analyst Darkfost posted on X platform analyzing that Bitcoin's apparent demand has dropped to the most bearish level since the beginning of the year, estimated to be close to -147k BTC. The last time such a pessimistic market sentiment occurred was in December 2025. Apparent demand is calculated as the difference between newly issued Bitcoin and the supply that has not moved for over a year, used to measure whether structural accumulation is sufficient to absorb new network supply. This development indicates that demand continues to shrink; if spot demand does not see a substantial recovery, the momentum driven solely by the futures market may not sustain a lasting rally. Futures can support short-term momentum and amplify price volatility, but a sustained bullish phase typically requires genuine spot demand. However, analysts point out that this environment has historically created opportunities for patient long-term investors.
BTC0.08%
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