Bitcoin apparent demand improves, but caution still warranted

Bitcoin’s apparent demand has clearly improved but remains negative at -32,000 BTC, according to CryptoQuant contributor Darkfost. Darkfost said BTC entered its current new consolidation phase in early June, when demand was estimated at -272,000 BTC. Darkfost described the shift as positive but not yet sufficient, adding that similar patterns emerged in February and May before demand weakened again. Darkfost also said the trend may be linked to lower average issuance, given reduced production tied to a drop in hash rate. For now, Darkfost said, the reading is difficult to view as a strong bullish signal, though the trend warrants close monitoring. Apparent demand is calculated as the gap between newly issued BTC and supply that has not moved for more than one year. The metric helps gauge whether structural accumulation is strong enough to absorb new supply generated by the network.