Bitcoin's Apparent Demand metric is currently NEGATIVE. This measures the balance between new supply entering the market and the rate at which coins are being removed from liquid circulation by long-term holders. A negative reading means the net supply being vaulted off-exchange is lower than daily issuance. Holders are offloading into the market faster than long-term entities are accumulating. In other words, the market is experiencing a slight net increase in liquid supply available to buyers. The metric sits at the 30th percentile over the past year. A relatively soft reading – not extreme sell-side pressure, but the aggressive supply soak-up that historically creates squeezes is missing.