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Bitcoin's current "Apparent Demand" has dropped to its lowest level since 2026.
Data shows that the 30-day cumulative value is close to **-147,000 BTC**, and the last time such extreme data appeared was back in December 2025.
Analyst Darkfost believes:
This indicates that BTC spot demand is still weakening, and the market is more reliant on futures funds to drive a rebound.
But if there is no genuine buying support, and the rally depends solely on contract sentiment, the trend is often difficult to sustain for long.
The so-called "Apparent Demand" essentially measures:
> Newly issued $BTC
> minus
> Long-term holdings that haven't moved in over a year
to assess the market's true capital absorption capacity.
When this data continues to turn negative, it indicates that the market's new demand is decreasing, and funds are more inclined to wait and see rather than actively enter the market.