BTC spot demand negative for 208th straight day, analyst says

Apparent demand, an indicator for Bitcoin's spot demand, has remained negative for 208 consecutive days and recently fell to -273,000 BTC, according to crypto analyst Ali Martinez. He explained on X that this metric gauges real spot demand by comparing newly mined BTC with the movement of existing holdings. From Nov. 9, 2025, to May 31, 2026, the indicator stayed in a negative range between 0 and -150,000 BTC, showing moderate selling pressure. It has since dropped to and stagnated around -273,000 BTC. Martinez noted this means new buying is failing to absorb the supply of long-held coins entering the market, creating a supply-demand imbalance that is acting as strong price resistance.