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

30-Day Demand Metric

-147,000 BTC

CryptoQuant's apparent demand indicator shows a negative demand for bitcoin, signaling more coins are hitting the market than buyers are absorbing.

Previous Demand Metric

-11,000 BTC

Earlier in the month, apparent demand improved to -11,000 BTC, indicating a near balance before falling back to -147,000 BTC.

Price Recovery

$70,000

The $70,000 level is identified as the short-term trader realized price, where recent buyers' paper gains largely disappear.

§ 01 Executive Snapshot

What: Bitcoin demand gauge reaches its lowest level since December 2025 as spot buying weakens.
Who: CryptoQuant, Coinbase, TeraWulf.
Why it matters: The decline in demand indicates potential vulnerabilities in the bitcoin market, which could lead to price instability if fresh spot demand does not emerge.

CryptoQuant's 30-day apparent demand metric has fallen to minus 147,000 BTC, indicating weak absorption of bitcoin supply by buyers.
The Coinbase Premium has remained negative since late April, suggesting U.S. spot buyers are less aggressive compared to offshore traders.
Bitcoin's price rally in the mid-$70,000s has been primarily driven by futures trading rather than spot buying, which is typically more stable.

The current situation reflects a historical trend where futures-led price movements are more volatile and prone to rapid corrections compared to spot-driven rallies.
The bitcoin market's dependence on fresh spot demand highlights the challenges it faces in sustaining upward price momentum in the absence of strong buying interest.

Immediate implications include a heightened risk of price correction if spot demand does not increase, especially around the critical $70,000 support level.
Long-term implications suggest that without a shift towards stronger spot buying, the market may struggle to establish a durable uptrend, risking further declines.

Potential regulatory scrutiny or market sentiment shifts could further dampen demand and exacerbate the current weakness in spot buying.
The reliance on futures markets introduces risks associated with liquidation events, which can lead to significant price volatility.

Watch for changes in the Coinbase Premium and any signs of renewed spot demand that could indicate a shift in market sentiment.
Monitor bitcoin's price around the $70,000 level as a critical point where recent buyers may begin to take profits, influencing market dynamics.

§ 07

What does the Bitcoin demand gauge indicate?

The Bitcoin demand gauge has reached its lowest level since December 2025, signaling weak absorption of bitcoin supply by buyers.

Why is the Coinbase Premium important?

The Coinbase Premium has remained negative since late April, indicating that U.S. spot buyers are less aggressive compared to offshore traders.

How does futures trading affect Bitcoin's price stability?

Futures-led price movements are more volatile and prone to rapid corrections compared to spot-driven rallies, which are typically more stable.

When might Bitcoin's price face a correction?

Bitcoin's price may face a correction if spot demand does not increase, particularly around the critical $70,000 support level.