Huo Xing Finance reports that on May 25, analyst Darkfost noted that Bitcoin’s apparent demand has fallen to its lowest level since 2026, with a 30-day sum nearing -147,000 BTC—the last time a similar extreme value occurred was in December 2025. Darkfost pointed out that this data indicates ongoing gradual contraction in spot demand for Bitcoin, making it difficult to envision a sustained rally driven solely by the futures market. Apparent demand is calculated by subtracting supply that has not been moved in over a year from newly issued BTC.
Bitcoin apparent demand reaches the lowest level of 2026
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Summary
Bitcoin’s apparent demand hit a 2026 low on May 25, with a 30-day net outflow of nearly -147,000 BTC. Analyst Darkfost said this reflects continued weakness in spot demand, with futures-driven rebounds unlikely to be sustained. Apparent demand is calculated by subtracting long-term holdings from newly issued BTC. The price now faces a critical support level as on-chain activity declines.
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