Analyst: Bitcoin's apparent demand has been almost consistently negative this year, but has recently shown improvement

Odaily News, CryptoQuant analyst Darkfost stated that Bitcoin's apparent demand has remained in negative territory for most of this year, reflecting continued weakness in current market demand and serving as a significant reason for Bitcoin's sustained downward pressure.

Data shows that on June 3, Bitcoin's apparent demand briefly fell to a year-to-date low of -275,000 BTC, but has since recovered to approximately -75,000 BTC. Darkfost believes that while the improvement in demand is noteworthy, a true demand recovery will still require this indicator to consistently return to positive territory.

He explained that the apparent demand metric is calculated as the difference between "new BTC issuance" and "the supply of BTC that has not moved for over a year," and can be used to measure whether structural accumulation by long-term holders is sufficient to absorb the network's new supply. Currently, although long-term demand has recovered somewhat, it has not yet reached a level sufficient to push the market into a new upward trend.