Bitcoin Demand Gauge Hits Worst Level Since December!

CryptoQuant's 30-day apparent demand metric has collapsed to minus 147,000 BTC — its weakest reading since December 2025 — even as Bitcoin holds in the mid-$70,000s after bouncing from April lows near $65,000. The indicator compares new miner supply and reactivated coins against what the market is actually absorbing. Right now, more coins are hitting the market than buyers are taking down.

The rally off the April lows has been largely futures-driven, not spot-driven. The Coinbase Premium has stayed negative since late April, confirming that U.S. spot buyers have been less aggressive than offshore traders. Futures-led bounces are structurally weaker — perpetual positions can unwind fast when funding shifts or liquidations cascade, while spot accumulation is stickier because buyers commit full capital and take actual BTC.

The $70,000 level is the key line to watch.