BlockBeats news, on May 25, analyst Darkfost reported 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 being in December 2025.
Darkfost noted that this data indicates that spot demand for Bitcoin continues to gradually contract, making it hard to imagine a rebound driven solely by the futures market being sustainable.
Apparent demand is calculated by subtracting the supply that has been inactive for over a year from newly issued BTC.

