BTC apparent demand plummets to lowest level this year

Bitcoin's apparent demand has fallen to its lowest level this year, on-chain analyst Darkfost reported. He noted that current apparent demand is approaching -147,000 BTC, adding that market sentiment has not been this bearish since last December. Apparent demand is calculated as the difference between new BTC supply and the supply from long-term holders that has been dormant for over a year, which helps estimate how effectively buying pressure is absorbing available volume. Darkfost interpreted the current trend as a signal of gradually contracting BTC demand. He emphasized that it is difficult to maintain a sustained rally on futures market momentum alone without a recovery in spot demand, concluding that while futures can support short-term price increases, a long-term bull market requires spot buying pressure.