BTC on-chain demand has been weak all year, analyst says

Bitcoin's on-chain demand has remained in negative territory for most of this year, cryptocurrency analyst Darkfost stated on X. He explained that BTC's Apparent Demand hit a low of -275,000 BTC on June 3 and has since seen a slight improvement to its current level of -75,000 BTC. However, Darkfost noted that a genuine improvement in the demand environment would only be evident once the Apparent Demand metric turns positive. The metric is calculated as the difference between newly mined BTC and the volume of coins that have been inactive for over one year, and it is used to estimate whether buying pressure can absorb new supply entering the network.