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CryptoQuant’s 30-day apparent demand metric has turned negative, indicating that buyers are unable to absorb the available supply, thus leaving the market exposed.
By Shaurya Malwa|Edited by Omkar GodboleUpdated May 26, 2026, 12:25 p.m. Published May 26, 2026, 12:03 p.m. 2 min readMake preferred on
BTC demand indicator falls to its lowest since December. (Ryan Quintal/Unsplash, Modified by CoinDesk)Key Insights:
- Since February, Bitcoin has seen a rise into the mid-$70,000s, but on-chain analytics reveal that demand has plummeted to its lowest since December 2025, with more coins becoming available than buyers can take.
- The recent price surge has been fueled more by futures trading rather than spot purchases, as shown by the ongoing negative Coinbase Premium, which indicates that prices are at risk because leveraged positions could be quickly unwound.
- Unless new spot demand surfaces, the $70,000 threshold, which marks the short-term trader realized price, remains critical as it is the level where recent buyers could see their unrealized gains evaporate, reducing their motivation to take profits.
The recent rebound in Bitcoin to BTC$77,059.70 is encountering significant demand challenges.
According to CryptoQuant, the 30-day apparent demand indicator has dropped to minus 147,000 BTC, marking its lowest level since December 2025, despite Bitcoin remaining in the mid-$70,000s after recovering from lows near $65,000 in April.
This metric assesses the balance between new miner supply and older coins returning to the market against the amount of Bitcoin being absorbed. A positive value indicates that buyers are effectively taking in both new and returning supply, while a negative value suggests that supply is exceeding demand on-chain.
This latter scenario is the current concern for Bitcoin's upward movement.
Although Bitcoin has bounced back since April, the increase has not generated the typical spot demand that would normally support a sustained price rise. Earlier data indicated an improvement in apparent demand from -91,000 BTC in April to about -11,000 BTC, nearing equilibrium. However, the recent drop back to -147,000 BTC implies that this progress has reversed.
Further indicators also reflect similar trends. The Coinbase Premium has remained negative since late April, suggesting that U.S. spot buyers are less active compared to international traders.
This indicates that the surge in prices from $65,000 has predominantly been driven by futures market participants. This is significant because futures-led increases are generally more volatile and can reverse quickly. In contrast, spot accumulation tends to be more stable as buyers fully commit capital and acquire actual BTC, making this demand less likely to vanish during a market pullback.
However, this does not imply that Bitcoin will immediately decline. Weak demand can persist within a trading range for an extended period. Yet, it does make the market increasingly reliant on new spot purchases if bulls aim to move past the current levels.
If such buying interest does not materialize, the $70,000 region continues to be a crucial point to monitor. CryptoQuant highlights this area as the short-term trader realized price, where recent buyers’ unrealized gains may dissipate, thus reducing their incentive to secure profits.
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