Huoxing Finance reports that on August 15, CryptoQuant analyst Darkfost stated that Bitcoin’s apparent demand has improved significantly but remains negative, currently at -32,000 BTC. When Bitcoin entered this new consolidation range in early June, demand was estimated at -272,000 BTC. This is a positive shift, but it is still not strong enough. Similar patterns were observed in February and May 2026, after which demand weakened again. This may also be related to a decline in average mining volume due to reduced hash rate, indicating lower production. Therefore, the current momentum is not yet sufficiently strong to be considered positive, but this trend warrants close attention. Note: Apparent demand is calculated as the number of newly mined BTC minus the supply that has not been moved in over a year. In other words, this metric assesses whether structural hoarding is sufficient to absorb the network’s newly generated supply.
Bitcoin apparent demand shows improvement, but structural HODLing remains insufficient to absorb new supply.
MarsBitShare
Summary
On August 15, 2026, CryptoQuant’s Darkfost reported that Bitcoin’s apparent demand improved to -32,000 BTC, up from -272,000 BTC in early June. On-chain data indicates a positive shift, but structural HODLing remains insufficient to absorb new supply. Similar patterns in February and May 2026 resulted in weaker demand. Mining node activity may also be impacted by a declining hash rate, reducing output. Apparent demand is calculated as newly mined BTC minus long-term inactive supply.
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