Bitcoin Apparent Demand Hits Most Bearish Level Since December 2025

The apparent Bitcoin demand has slipped to its weakest level of the year, adding fresh pressure to an already uncertain market environment.

This development comes despite the notable price recovery from Bitcoin (BTC) in the previous week. For context, the pioneering cryptocurrency dropped to $74,156 but showed sheer resilience, recovering nearly 4% to $77,020.

Meanwhile, the rebound has extended to this week, with BTC pushing further northwards to $77,400. However, it seems spot demand is not backing this resurgence, calling its sustenance into question.

• The Bitcoin apparent demand has now fallen to nearly -147,000 BTC, marking the most negative reading since December 2025.
• The dip in demand comes despite recent BTC recovery attempts.
• This divergence suggests the recent market recovery is not fueled by spot demand but by derivative interest.
• Similar demand conditions have also emerged near crucial long-term turning points in previous cycles.

According to the chart shared by CryptoQuant’s verified author, Darkfost, the Bitcoin apparent demand has now fallen to nearly -147,000 BTC, marking the most negative reading since December 2025.

He explained in his May 24 X post that the metric measures the gap between newly issued Bitcoin and the amount of supply that has remained inactive for more than one year. In simple terms, the apparent demand helps show whether accumulation from long-term holders is strong enough to absorb the steady flow of new coins entering circulation.

A shared chart highlights a clear deterioration in demand conditions in recent weeks. After remaining mostly positive throughout much of 2025, the apparent demand began to turn sharply negative toward the end of the year.

The momentum continued into this year. While demand remained negative, it had not been at its current level since the start of this year.

Interestingly, the dip in demand comes despite recent BTC recovery attempts. The premier asset is up 1.6% this month despite its retracement from $82,800 earlier in the month. This builds on the 11.8% increase in April.

This divergence suggests the recent market recovery is not fueled by spot demand but by derivative interest. Darkfost mentioned this, noting that Bitcoin may still lack strong spot buying activity.

He added that although futures activity can temporarily support price action, durable rallies typically require stronger participation from spot buyers rather than leverage-driven momentum alone.

Per the analysis, dwindling apparent demand reflects growing caution across the broader market. History shows that such deeply negative situations have often appeared during periods of heightened fear and weak sentiment.

However, similar conditions have also emerged near crucial long-term turning points in previous cycles. When demand contracts sharply and sentiment becomes overwhelmingly bearish, Bitcoin tends to begin forming the base for future recovery, favoring patient holders.

Moreover, separate data from Alphractal suggests a near-term rebound, citing the holder sentiment index. The metric, which compares conviction by the duration of holders, stands at 0.82. The market intelligence platform noted that the last time this happened, Bitcoin rallied 67% in 90 days.

The Crypto Fear & Greed Index reads 28. Retail is panicking. Meanwhile, our Whale vs Retail Delta just printed its highest positive divergence since November 2024.

Here's what we're actually seeing:

Strategy added 24,869 BTC ($2.01B) last week at $80,985 average. A dormant 2013… pic.twitter.com/F5LenpLWh8

— Alphractal (@Alphractal) May 24, 2026