Bitcoin demand gauge sinks to worst level since December as spot buying weakens
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- CryptoQuant reports its 30‑day apparent demand metric at minus 147,000 BTC, the weakest reading since December 2025, showing supply outpacing buyer absorption.
- Bitcoin price holds in the mid‑$70,000 range after rebounding from April lows near $65,000, yet spot buying remains weak compared with futures.
- CryptoQuant notes the Coinbase Premium has stayed negative since late April, indicating U.S. spot buyers are less aggressive than offshore traders.
- CryptoQuant identifies the $70,000 price as the short‑term trader realized price, where recent buyers’ paper gains vanish and profit‑taking incentive fades.
Why it matters: Weak spot demand leaves the market reliant on fresh buying; without it leveraged positions unwind quickly at the $70k level, wiping out recent paper gains.
