BITCOIN ACCUMULATION STALLS FOR 7 MONTHS Bitcoin apparent demand has remained negative for 208 consecutive days, recently dropping to a new low of -273,000 BTC. This metric evaluates real spot market demand by comparing new Bitcoin creation (miner block rewards) with the movement of existing inventory. From November 9, 2025, to May 31, 2026, apparent demand hovered quietly in negative territory between 0 and -150,000 BTC, indicating a mild but steady distribution of supply. Following the latest batch of on-chain data, this metric dropped to -273,000 BTC and has flatlined around this level. When apparent demand is negative, it means a significant amount of old supply is entering circulation faster than the spot market can absorb it. This mismatch suggests that selling pressure is outpacing new capital inflows, creating heavy overhead resistance on the price.(Ali Charts)