Darkfost from CryptoQuant said the Bitcoin demand landscape has been weakened dramatically. He noted that an on-chain indicator of apparent demand had fallen to its lowest reading this year.
Darkfost posts on X with the handle Darkfost_Coc. shared A CryptoQuant graph shows Bitcoin Apparent Demand, based on 30-day totals, falling deeply into negative territory. Analyst said that the indicator is approaching minus 147,000 BTC. This marks its lowest level since 2026.
“Bitcoin’s Apparent Demand has just reached its most negative level since the beginning of the year,” Darkfost wrote “With an estimate now approaching -147,000 BTC, we have to go back to December 2025 to find market sentiment this bearish.”
Appearance of Demand turns Negative
Chart showing Bitcoin’s apparent price alongside demand. The graph shows a shift from strong positive readings in mid-2025 through to negative demands in late 2025. Bitcoin’s latest price drop comes just after the recovery from its lows in early-2026, suggesting there hasn’t been any improvement to demand. structural spot demand.
Related Reading
Darkfost defines Apparent Demand in terms of “the difference between the new BTC issued and the total amount”. supply that has remained inactive For more than a year.” The metric’s purpose is to determine if the accumulation of long-term Bitcoin holders will be strong enough to absorb new Bitcoin.
“In other words, this metric helps estimate whether structural accumulation is strong enough to absorb the new supply created by the network,” The analyst wrote.
The current sentiment reading is interpreted in this way as something more than an indicator of short-term feelings. It is possible that if the apparent demand for a product is very negative, this indicates a lack of absorption on the part of market participants to support an overall bullish trend.
Futures Momentum faces a spot demand problem
Darkfost argues that Bitcoin rally could be at risk if the derivatives market is taking over. Futures can drive prices higher, speed up liquidations, and amplify directional movements, but do not represent durable accumulation.
“This development suggests that demand continues to gradually contract,” Darkfost was quoted as saying: “Without a meaningful recovery in spot demand, it becomes difficult to imagine Bitcoin sustaining a durable rally purely through the momentum driven by futures markets.”
Related Reading
This is particularly relevant on a market in which price fluctuation can be a factor. move quickly on leverage, Shifts in liquidity and positioning. Even though a futures-led movement may produce an immediate sharp upward move, Darkfost said that sustained bullish phases require a stronger spot basis.
“Futures can support short term momentum and amplify price movements,” The analyst wrote “but sustainable bullish phases generally require genuine spot demand, as derivatives alone do not allow the market to build a stable and solid foundation.”
A Bearish Signage, or a Long-Term Setting?
Darkfost did not describe the new reading as being purely negative. Darkfost said that while the short-term implications are bearish, historically highly pessimistic environments in demand have been valuable. monitoring for long-term investors.
“That said, even if this situation appears relatively bearish in the short term, these types of environments have historically also created interesting opportunities for long term investors capable of remaining patient,” The analyst wrote.
BTC is currently trading for $77.300.
Featured image was created using DALL.E chart by TradingView.com
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
