"BTC Nominal Demand Plummets... Lowest Level This Year"

On-chain analyst Darkpost reported that BTC apparent demand has fallen to its lowest level this year. He emphasized, "Currently, BTC apparent demand is approaching a level of approximately -147,000 BTC. This is the first time market sentiment has been this weak since last December. Apparent demand is calculated as the difference between new BTC volume and long-term holdings that have been dormant for over a year. This allows us to estimate how much volume is being absorbed by buying pressure in the market. This trend signals that BTC demand is gradually contracting. In particular, it is difficult to sustain a sustained uptrend relying solely on futures market momentum without a recovery in spot demand. While the futures market can support price increases in the short term, a long-term bull market is formed only when accompanied by spot buying pressure."