Bitcoin the rebound faces a demand problem.
CryptoQuant’s 30-day apparent demand measure fell to minus 147,000 BTC, its lowest value since December 2025, even as Bitcoin remains in the mid-$70,000s after rebounding from its April low near $65,000.
The metric compares the supply of new miners and older coins put back into circulation with the amount of bitcoin absorbed by the market. A positive reading means buyers are reducing new and reactivated supply, while a negative reading means more coins are entering the market than buyers are absorbing on-chain.
It is this last point which constitutes the problem of the current rally.
Bitcoin has rallied strongly since April, but the move has yet to generate the kind of spot demand that usually supports a more sustainable uptrend. Earlier this month, data showed that apparent demand had improved from -91,000 BTC in April to around -11,000 BTC, close to equilibrium. The latest pullback towards -147,000 BTC suggests that the improvement has faded.
Other signals suggest the same thing. Coinbase Premium has remained negative since late April, showing that U.S. spot buyers have been less aggressive than foreign traders.
This means that buyers in the futures market largely contributed to the price rise, starting from $65,000. This is important because futures-driven rallies are easier to unwind. Perpetual positions can be closed quickly when funding transfers or liquidations begin. Spot accumulation is generally more difficult, as buyers invest the entire capital and accept the actual BTC, making this demand less likely to disappear on the first withdrawal.
None of this means that Bitcoin should go down immediately. Low demand can stay below a range for days or weeks. But this makes the market more dependent on further spot buying if the bulls want to break out of the current zone.
If this offer does not appear, the $70,000 area remains the level to watch. CryptoQuant identifies this as the short-term trader’s realized price, where the paper gains of recent buyers largely disappear and the incentive to take profits begins to fade.
