Bitcoins rebound runs into a demand problem.
CryptoQuant’s 30-day apparent demand metric has fallen to minus 147,000 BTC, its weakest reading since December 2025, although bitcoin is holding in the mid-$70,000s after bouncing from its April low near $65,000.
The metric compares the supply of new miners and older coins returning to circulation to the amount of bitcoin the market absorbs. A positive reading means that buyers are taking down new and reactivated supplies, while a negative reading means that more coins are entering the market than buyers are absorbing on the chain.
The latter is the problem with the current rally.
Bitcoin has recovered strongly from April, but the move has yet to produce the kind of spot demand that usually supports a more durable uptrend. Earlier this month, data showed that apparent demand had improved from -91,000 BTC in April to around -11,000 BTC, close to balance. The recent slide back towards -147,000 BTC suggests that the improvement has faded.
Other signals have suggested the same. Coinbase Premium has been negative since late April, showing that US spot buyers have been less aggressive than offshore traders.
This means that futures market buyers have largely led the price rise from $65,000. This matters because futures-led rallies are easier to disengage. Perpetual positions can close quickly when funding shifts or liquidations begin. Spot accumulation is usually stickier because buyers put up full capital and take actual BTC, making demand less likely to disappear on the first withdrawal.
None of this means that bitcoin has to break lower immediately. Weak demand can sit under a row for days or weeks. But that makes the market more dependent on fresh spot buying if bulls want to push beyond the current zone.
If this bid doesn’t emerge, the $70,000 area remains the level to watch. CryptoQuant identifies it as the short-term trader’s realized price where recent buyers’ paper gains largely disappear and the incentive to take profits begins to fade.
