Apparent demand improved from -272,000 BTC to -32,000 BTC, but Bitcoin's structural accumulation remains insufficient to fully absorb new supply

Odaily News: Darkfost posted on X platform that Bitcoin's apparent demand has improved significantly but remains negative at -32,000 BTC. When Bitcoin entered its latest consolidation range in early June, apparent demand was estimated at -272,000 BTC. Darkfost noted that similar patterns occurred in February and May 2026, followed by weakening demand again. This may be related to declining average mining output, as hash rate has pulled back and production has subsequently decreased.