In today’s Bitcoin update, market analysts are warning that BTC demand has continued to weaken as sentiment turns increasingly bearish. Apparent demand for Bitcoin has now dropped to its lowest level of the year, raising concerns about the strength of the current market structure.
Bitcoin’s Apparent Demand Turns Deeply Negative
According to CryptoQuant analyst Darkfost, Bitcoin’s Apparent Demand has now fallen to its most bearish level of 2026, highlighting the growing weakness across the market.
For context, Apparent Demand measures the difference between new BTC issuance and the amount of supply that has remained inactive for more than a year. The metric is also used to estimate whether long-term accumulation is strong enough to absorb the fresh supply entering the market.
Interestingly, recent estimates show that this metric is now approaching -147,000 BTC. The latest figures further suggest that demand is gradually contracting. As a result, Darkfost noted that the market has not witnessed sentiment this weak since December 2025.
Weak Spot Demand Raises Market Concerns
Darkfost also claimed that weak spot demand is making it difficult for Bitcoin to sustain a rally. According to the analyst, although futures markets can still support short-term price surges, sustainable bullish momentum can only come from a meaningful recovery in spot demand.
Amid weakening demand, recent market activity has also pointed to slowing investor accumulation. In a recent X post, Bitcoin bull Michael Saylor revealed that this week, instead of purchasing Bitcoin, Strategy bought bonds.
At the same time, bearish sentiment across the market has continued to increase investor caution. Notably, rather than accumulating more BTC, Arkham Intelligence reported that BlackRock sold $1.01 billion worth of Bitcoin. Furthermore, Bitcoin ETFs have continued witnessing heavy outflows. Data from SoSoValue showed that between May 18 and May 22, the funds recorded total capital outflows of $1.257 billion.
Analysts Still See Long-Term Opportunity
Despite the current weakness, Darkfost hinted that the bearish conditions could create opportunities for patient long-term investors. The analyst claimed that historically, periods of slowing demand and negative sentiment have often appeared near important market turning points.
According to asset tracker CoinMarketCap, Bitcoin has stalled at around $77,000. However, market expert Ted Pillows recently claimed in an X post that Bitcoin reclaiming the $78,000 level could trigger a rapid rally toward $80,000. For now, traders are closely watching whether Bitcoin can stabilize and rebuild stronger spot demand in the coming weeks. Until then, market sentiment is expected to remain cautious.
Josiah Oluwadare
