CryptoQuant analyst Darkfost stated that apparent demand for Bitcoin has fallen to its most pessimistic level since the beginning of the year, estimated at nearly -147,000 BTC.
He argued that this is the lowest level since December 2025. The apparent demand index is calculated from the difference between the amount of new Bitcoin issued and the supply that has remained unchanged for more than a year, to measure the network's ability to absorb new supply.
According to this analysis, demand continues to contract. If spot demand does not recover significantly, the upward momentum based solely on the Derivative market is unlikely to be sustainable for long.
Derivative can support short-term momentum and create more volatile prices, but sustained uptrends often require genuine spot buying. Darkfost also notes that such environments have historically presented opportunities for patient long-term investors.
