Bitcoin Apparent Demand Turns Negative Amid Market Correction
Bitcoin prices are stabilizing around $111,000 after significant losses on October 10 due to a US-China trade war. The price is down 9.45% weekly and 12.16% from its all-time high.
Bitcoin Demand Trends
- On-chain data indicates Bitcoin's apparent demand has turned negative for the first time in three months, signaling reduced investor appetite.
- Apparent demand measures the net amount of Bitcoin accumulated by active holders versus newly created supply.
- Data shows a drop of -13,707 BTC in 30-day apparent demand as of October 8, the first negative since July.
The decline suggests that long-term holders might be realizing profits or that buying momentum has slowed due to macroeconomic factors, such as the renewed US-China tariff standoff.
Market Overview
- Bitcoin is currently trading at $111,800, marking a 0.47% daily decline.
- The asset is down 3.06% monthly, reflecting the ongoing market correction.
Investor sentiment may remain cautious amid geopolitical tensions and economic uncertainties.