BlockBeats report: On August 6, CryptoQuant analyst Axel Adler Jr. posted that although Bitcoin rebounded to $64,600, two flow indicators did not confirm an influx of new demand. The demand-to-supply ratio stands at -5.43, and the net coin-age flow is -85,500 BTC—both have recovered from July lows but remain negative. A demand-to-supply ratio below zero indicates that the rate of decline in young coins exceeds the rate of new issuance, a condition that has persisted for approximately five months. A negative net coin-age flow means that 85,500 BTC have been transferred into the category of holdings longer than one year over the past 30 days, signaling a continued contraction in liquidity supply.
Analysts note that the current rebound is primarily supported by a contraction in liquidity supply (aging coin age and long-term holders holding tight), rather than new demand. Both indicators returning above zero are positive signals; a sustained demand-to-issuance ratio above 1 is required to confirm a genuine recovery.