Bitcoin spot demand remains weak, on-chain analyst says

Bitcoin spot demand remains weak, according to on-chain analyst Darkfost. BTC apparent demand now stands at negative 112,500 BTC, indicating newly issued supply is still not being fully absorbed by long-term holding and accumulation across the network. Still, that marks an improvement of about 94,500 BTC from negative 207,000 BTC on Sept. 20. With the demand gauge still in negative territory, Darkfost said spot buying remains difficult to view as strong and added that Bitcoin could face a further pullback as the market looks for a level where genuine buying demand emerges.