Analysis: Bitcoin On-Chain Demand Shows Improvement, But Structural Hoarding Still Unable to Fully Absorb New Supply

BlockBeats News, August 15th, CryptoQuant analyst Darkfost stated in a post that Bitcoin's on-chain net realized gain has significantly improved but is still in negative territory, currently at -32,000 BTC. When Bitcoin entered a new consolidation phase in early June, the net realized gain was estimated to be -272,000 BTC.

This is a positive change, but it is not yet strong enough. Similar patterns were observed in February and May 2026, followed by a weakening in net realized gain. This may also be related to the decline in average mining volume due to a drop in hashrate, indicating a reduction in output. Therefore, the current trend is not yet a strong bullish momentum, but this trend is worth monitoring closely.

Note: Net realized gain is calculated by subtracting the newly mined BTC amount from the supply that has been inactive for over a year. In other words, this metric is used to assess whether structural hodling is sufficient to absorb the newly generated supply on the network.