Bitcoin’s Apparent Demand Declines, Signaling Potential Bear Market

Key Insights on Bitcoin Demand and Cycles

According to CryptoQuant's Julio Moreno, Bitcoin cycles should be defined by demand rather than price.
The "Apparent Demand" indicator is used to measure this demand, comparing daily miner issuance with changes in 1-year dormant supply.
Recent trends show the 30-day Apparent Demand has turned negative, indicating a drop in monthly demand.
The 1-year Apparent Demand remains positive but is declining, suggesting potential future bearish trends if it turns negative.
Past cycles have often entered bear markets when both monthly and yearly Apparent Demand became negative.
Despite on-chain activity, off-chain demand through Bitcoin ETFs also shows muted demand, with recent netflows remaining negative.

Current Status of Bitcoin Price