⚠️ Demand failed to materialize this week and instead deteriorated further. Spot Bitcoin ETFs recorded net outflows of 5,759 BTC, equivalent to approximately $446 million. Apparent demand has now fallen below August’s level and currently stands at −251,000 BTC. It is approaching the lows seen in June, when it reached −273,000 BTC. Apparent demand is calculated as the difference between new bitcoin:native issuance and the amount of supply that has remained inactive for more than one year. The metric helps estimate whether structural accumulation is strong enough to absorb the new supply created by the network. This lack of demand is a negative development for the very short term. Still, we are approaching an extreme, and Bitcoin has often warranted closer attention precisely when broader interest fades.
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