Bitcoin demand gauge sinks to worst level since December as spot buying weakens

CryptoQuant’s 30-day apparent demand indicator is negative, signaling that buyers aren’t absorbing the available supply and leaving the market vulnerable. What to know : Bitcoin has rebounded into the mid-$70,000s since February, but on-chain data show apparent demand has slumped to its weakest level since December 2025, with more coins hitting the market than buyers are absorbing. The rally has been driven more by futures than by spot buying, as evidenced by a persistently negative Coinbase Premium, leaving prices vulnerable because leveraged positions can unwind quickly. Unless fresh spot demand emerges, the $70,000 level, identified as the short-term trader realized price, remains a key zone where recent buyers’ paper gains vanish and the incentive to take profits diminishes.