Bitcoin Demand Gauge Sinks to Minus 147,000 BTC as Weak Spot Buying Threatens $70,000
Updated
Updated · CoinDesk · May 26
Bitcoin Demand Gauge Sinks to Minus 147,000 BTC as Weak Spot Buying Threatens $70,000
1 articles · Updated · CoinDesk · May 26
CryptoQuant’s 30-day apparent demand metric fell to minus 147,000 BTC, its weakest reading since December 2025, even with bitcoin holding in the mid-$70,000s.
Spot buyers are not absorbing new miner supply and older coins returning to circulation, while a persistently negative Coinbase Premium shows U.S. spot demand has stayed soft since late April.
That leaves the rebound from April’s roughly $65,000 lows driven largely by futures positioning, a setup that can unwind quickly if funding shifts or liquidations hit leveraged traders.
The key near-term level is $70,000 — CryptoQuant’s short-term trader realized price — where recent buyers’ paper gains largely disappear and the market needs fresh spot demand to sustain the rally.
As Bitcoin's real user activity plummets, can institutional buys prevent a return to a deep bear market?
With spot demand collapsing while futures drive prices, is a major Bitcoin correction now simply inevitable?