[Analyst: Bitcoin Demand Has Dropped to the Most Pessimistic Level This Year, Market Demand Continues to Gradually Shrink] According to a report by Jinse Finance, on May 25, on-chain analyst Darkfost stated in a post that Bitcoin's apparent demand has now reached its lowest negative value since the beginning of the year. The current calculated value is approaching -147,000 BTC. The last time market pessimism reached this level was back in December 2025. Indicator explanation: Apparent demand is calculated as the difference between Bitcoin's newly issued supply and the stock that has not circulated for over a year. It is used to assess whether the market's long-term accumulation strength can absorb the network's newly issued tokens. This data reflects the continuous and gradual contraction of market demand. If spot demand cannot substantially recover, and the market relies solely on the contract market to drive trends, it will be difficult for Bitcoin to sustain a lasting upward trajectory. Contract trading can only provide short-term momentum for trends and amplify price volatility. A solid bull market trend cannot be achieved without the support of real spot buying; derivatives alone cannot build a robust market bottom. Although the short-term market outlook leans bearish, historical trends indicate that such market conditions often present opportunities for long-term investors to position themselves. Periods of significant demand decline and extreme market pessimism are often windows of high investment value.