Bitcoin's On-Chain Demand has Stayed Negative for 208 Consecutive Days

BlockBeats News, June 26th, according to analyst alicharts, Bitcoin's realized cap has remained in negative territory for 208 consecutive days, recently dropping to -273,000 BTC, indicating a stagnant accumulation phase for the past 7 months.

The realized cap measures the on-chain actual demand by contrasting miner issuance of new Bitcoin with the existing stock flow, where a negative value reflects the speed at which old coins' supply enters the market exceeds the buying absorption rate. When the realized cap is in negative territory, it indicates that a significant amount of old supply is circulating at a faster pace compared to the speed at which the spot market is absorbing it. This imbalance suggests that selling pressure has surpassed new capital inflows, creating substantial resistance levels above the price.