Bitcoin's Apparent Demand Drops to -147K BTC, Lowest Level Since Start of Year

BTC0.37%
According to CryptoQuant analyst Darkfost on May 25, Bitcoin's apparent demand has dropped to approximately -147,000 BTC, the lowest level since the start of the year. This represents a significant shift in market sentiment; the last time such pessimistic readings appeared was in December 2025. Apparent demand measures the difference between newly issued Bitcoin and supply unchanged for over one year, serving as an indicator of whether structural accumulation can absorb network new supply. The analyst noted that sustained demand recovery in the spot market will be critical for maintaining longer-term gains, as futures-driven momentum alone may not sustain a lasting uptrend.
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