Bitcoin apparent demand stays negative at -44,700 BTC, capping recovery

2 min

BTC holds near $78k. On-chain demand stays negative.

Bitcoin jumped early week above $79,000, then fell to $75,500 on April’s last day. May opened around $78,000.

On-chain reads show demand is still thin. NewsBTC flagged weak spot bids ahead of options expiry.

CryptoQuant’s Darkfost sees no regime shift yet. Price is up 30% from cycle lows, but demand lags. Their Quicktake tracks Apparent Demand.

Apparent Demand 30-day sum sits at -44,700 BTC
Early April low was -89,000 BTC
Metric stayed red all year, except late February

The brief February positive print was supply-driven. Severe US weather cut mining and issuance.

I am excluding the brief positive shift at the end of February, as it was not driven by a genuine increase in demand, but rather by a sharp drop in BTC issuance. This was mainly due to a significant decline in mining activity, particularly linked to severe weather conditions in the United States earlier in the year.

Source: CryptoQuant Quicktake.

ETF flows echo caution. NewsBTC reported net outflows.

Price now is $78,334. Up 2% in 24 hours. Source: article data.

Darkfost notes price tracks Apparent Demand. A turn to positive would support a durable recovery. Watch the metric.

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