Bitcoin Demand Hits Lowest Level Since December
Bitcoin’s recent rebound is facing a significant challenge due to weak demand. The 30-day apparent demand metric has fallen to minus 147,000 BTC, its weakest reading since December 2025. This metric measures the balance between new miner supply, older coins returning to circulation, and the amount of bitcoin being absorbed by the market. A negative reading indicates that more coins are coming to market than buyers are absorbing, which is the current issue with the bitcoin rally.
The lack of spot demand is a concern for a durable uptrend. Earlier this month, data showed apparent demand had improved, but the latest slide suggests that improvement has faded. This weakness in demand is also reflected in the Coinbase Premium, which has stayed negative since late April, indicating that U.S. spot buyers have been less aggressive than offshore traders. This means that futures market buyers have largely led the price bounce, making the rally more vulnerable to unwind.
Implications for the Market
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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.
