Bitcoin The rebound runs into a demand problem.
CryptoQuant’s 30-day apparent demand metric has fallen to -147,000 BTC, its weakest reading since December 2025, even as bitcoin remains around $70,000 after bouncing from its April lows near $65,000.
The metric compares the supply of new miners and older coins returning to circulation with the amount of bitcoins the market is absorbing. A positive reading means that buyers are eliminating new and reactivated supply, while a negative reading means that more coins are coming to the market than buyers are absorbing on-chain.
The latter is the problem with the current rally.
Bitcoin has rallied sharply since April, but the move has yet to produce the kind of spot demand that typically supports a longer-lasting uptrend. Earlier this month, data showed that apparent demand had improved from -91,000 BTC in April to around -11,000 BTC, close to equilibrium. The latest drop towards -147,000 BTC suggests that the improvement has faded.
Other signs have been suggesting the same. The Coinbase premium has remained negative since late April, showing that US spot buyers have been less aggressive than offshore traders.
It means that futures market buyers have largely led the price rebound from $65,000. It’s important because futures-driven rallies are easier to undo. Perpetual positions can be closed quickly when funding changes or liquidations begin. Spot accumulation is typically more difficult because buyers put up all the capital and take actual BTC, making demand less likely to disappear on the first pullback.
None of this means that Bitcoin has to go down immediately. Weak demand can remain below a range for days or weeks. But it makes the market more dependent on new spot buying if the bulls want to go beyond the current zone.
If that offer does not appear, the $70,000 area remains the level to watch. CryptoQuant identifies it as the short-term trader’s realized price, where buyers’ recent paper profits largely disappear and the incentive to take profits begins to fade.
