Bitcoin’s demand backdrop has weakened sharply, according to CryptoQuant analyst Darkfost, who said an on-chain gauge of apparent demand has fallen to its most bearish reading of the year.
The metric, which tracks the difference between new issuance and supply inactive for more than one year, is now approaching minus 147,000 BTC on a 30-day sum basis. That is the weakest level since the beginning of 2026.
Darkfost argues that while futures markets can push price higher, they do not represent durable accumulation. Without a recovery in spot demand, sustaining the rally purely on derivative momentum becomes difficult.
The analyst did note that heavily pessimistic demand environments have historically created opportunities for patient long-term investors.
At press time, BTC traded at $77,300.