Bitcoin demand gauge sinks to worst level since December as spot buying weakens CryptoQuant’s 30-day apparent demand indicator is negative, signaling that buyers aren’t absorbing the available supply and leaving the market vulnerable.
What to know: – Bitcoin has rebounded into the mid-$70,000s since February, but on-chain data show apparent demand has slumped to its weakest level since December 2025, with more coins hitting the market than buyers are absorbing. – The rally has been driven more by futures than by spot buying, as evidenced by a persistently negative Coinbase Premium, leaving prices vulnerable because leveraged positions can unwind quickly. – Unless fresh spot demand emerges, the $70,000 level, identified as the short-term trader realized price, remains a key zone where recent buyers’ paper gains vanish and the incentive to take profits diminishes
Bitcoin’s CryptoQuant’s 30-day apparent demand metric has fallen to minus 147,000 BTC, its weakest reading since December 2025, even as bitcoin holds in the mid-$70,000s after bouncing from its April lows near $65,000. The metric compares new miner supply and older coins returning to circulation with the amount of bitcoin the market is absorbing. A positive reading means buyers are taking down new and reactivated supply, while a negative reading means more coins are coming to market than buyers are absorbing on-chain.
The latter is the issue with the current rally. Bitcoin has recovered sharply from April, but the move has not yet produced the kind of spot demand that usually supports a more durable uptrend. Earlier this month, data showed apparent demand had improved from -91,000 BTC in April to roughly -11,000 BTC, close to balance.