Bitcoin demand falls to its most bearish level in 2026
Bitcoin Bitcoin demand falls to its most bearish level in 2026 Bitcoins (BTC) apparent demand has fallen to the lowest level in more than a year, showing that retail sentiment is cooling drastically. More precisely, the metric is approaching -160,000 BTC, which is a reading not seen since late April 2025, citing data as of May 25. For comparison, the figure was approaching a yearly record high of 229,000 on May 27, 2025, meaning the current levels represent a roughly 30% decrease in more or less twelve months. Bitcoin apparent demand. Source: Notably, the apparent demand has been in the negative for nearly the entirety of 2026 so far, with only a few brief positive periods in late February. What does negative Bitcoin apparent demand mean? Apparent demand is an on-chain metric used to measure whether Bitcoin buying pressure is strong enough to absorb newly available supply. In short, when the indicator falls deep into negative territory, it tends to signal that incoming demand is failing to keep pace with the amount of BTC entering circulation. Understandably, the drop in apparent demand reflects a broader shift in market behavior. After all, spot purchases represent direct capital inflow into Bitcoin and usually translate into more sustainable growth compared to, for instance,









