Analyst: Bitcoin's apparent demand has been nearly negative throughout the year, but has recently improved

Odaily reports that CryptoQuant analyst Darkfost stated that Bitcoin's Apparent Demand has been in negative territory for most of this year, reflecting persistently weak market demand, which is also a key reason for Bitcoin's ongoing price pressure.

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

He explained that the apparent demand indicator is calculated by the difference between "new BTC issuance" and "BTC supply 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 new network supply. At present, while long-term demand has recovered somewhat, it has not yet reached a level capable of driving the market into a new upward trend.