Analyst: Bitcoin's On-Chain Demand has been mostly negative throughout the year, but has seen some improvement recently

BlockBeats News, July 7th, CryptoQuant analyst Darkfost stated in a post that Bitcoin's Apparent Demand has remained in negative territory for most of this year, reflecting ongoing weak market demand, which is a key reason for Bitcoin's continued pressure. However, there has been some recent improvement in demand, helping BTC to consolidate within the current price range.

On June 3rd, Bitcoin's Apparent Demand dropped to a year-to-date low of -275,000 BTC at one point, but has now rebounded to around -75,000 BTC. While the improvement is noteworthy, true demand recovery requires this metric to return to positive territory consistently.

He explained that the Apparent Demand indicator is calculated by the difference between the "Newly Issued BTC" and the "BTC Supply Not Moved for Over a Year," which can gauge whether the structural accumulation by long-term holders is sufficient to absorb the network's new supply. Currently, although long-term demand has shown some recovery, it has not yet reached a level that could propel the market into a new upward trend.