Bitcoin demand gauge sinks to worst level since December as spot buying weakens
TL;DR
Bitcoin's demand gauge has dropped to its lowest level since December 2025, with a reading of minus 147,000 BTC. Despite Bitcoin's price recovery to the mid-$70,000s, spot demand remains weak, indicating a potential issue for sustaining the rally.
Key points
- Bitcoin's demand metric is at minus 147,000 BTC.
- This is the weakest reading since December 2025.
- Bitcoin's price is currently in the mid-$70,000s.
Bitcoin’s BTC$76,987.42 rebound is running into a demand problem.
CryptoQuant’s 30-day apparent demand metric has fallen to minus 147,000 BTC, its weakest reading since December 2025, even as bitcoin holds in the mid-$70,000s after bouncing from its April lows near $65,000.
The metric compares new miner supply and older coins returning to circulation with the amount of bitcoin the market is absorbing. A positive reading means buyers are taking down new and reactivated supply, while a negative reading means more coins are coming to market than buyers are absorbing on-chain.
The latter is the issue with the current rally.
Bitcoin has recovered sharply from April, but the move has not yet produced the kind of spot demand that usually supports a more durable uptrend. Earlier this month, data showed apparent demand had improved from -91,000 BTC in April to roughly -11,000 BTC, close to balance. The latest slide back toward -147,000 BTC suggests that improvement has faded.
Other signals have been suggesting the same. The Coinbase Premium has stayed negative since late April, showing U.S. spot buyers have been less aggressive than offshore traders.
It means futures market buyers have largely led the price bounce from $65,000. It matters because futures-led rallies are easier to unwind. Perpetual positions can close quickly when funding shifts or liquidations start. Spot accumulation is usually stickier because buyers put up full capital and take actual BTC, making that demand less likely to disappear on the first pullback.
None of this means bitcoin has to break lower immediately. Weak demand can sit under a range for days or weeks. But it does make the market more dependent on fresh spot buying if bulls want to push beyond the current zone.
If that bid does not show up, the $70,000 area remains the level to watch. CryptoQuant identifies it as the short-term trader realized price, where recent buyers’ paper gains largely disappear, and the incentive to take profit starts to fade.
Q&A
What does a negative demand metric for Bitcoin indicate?
A negative demand metric indicates that more Bitcoin is entering the market than buyers are absorbing, suggesting weak demand.
How has Bitcoin's price changed since April 2025?
Since April 2025, Bitcoin's price has rebounded from lows near $65,000 to the mid-$70,000s.
What was the apparent demand for Bitcoin earlier this month?
Earlier this month, the apparent demand improved to roughly -11,000 BTC, but has since slid back to -147,000 BTC.
