Bitcoin's recovery from April lows near $65,000 to the mid-$70,000s is running into a demand wall.
Apparent demand plunges to -147,000 BTC
According to CryptoQuant, the 30-day apparent demand metric has dropped to -147,000 BTC, its weakest reading since December 2025. The metric compares new miner supply and old coins returning to circulation with the amount of bitcoin the market is absorbing. A positive reading means buyers are taking down new and reactivated supply; a negative reading means more coins are coming to market than buyers are absorbing on-chain—the latter case.
Bitcoin has bounced sharply from April, but the move has not yet generated the spot demand typically needed for a durable uptrend. Earlier this month, data showed apparent demand had improved from -91,000 BTC in April to roughly -11,000 BTC, close to balance. The latest slide back toward -147,000 BTC suggests that improvement has evaporated.
Negative Coinbase premium, U.S. buyers on the sidelines
Other signals tell the same story. The Coinbase Premium has stayed negative since late April, showing U.S. spot buyers have been less aggressive than offshore traders. This means the price bounce from $65,000 has been largely led by futures market participants. Futures-driven rallies are easier to unwind—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 that demand less likely to vanish on the first pullback.
None of this means bitcoin has to break lower immediately. Weak demand can sit under a range for days or weeks. But it does make the market more dependent on fresh spot buying if bulls want to push beyond the current zone.
If that bid does not show up, the $70,000 area remains the level to watch. CryptoQuant identifies it as the short-term trader realized price, where recent buyers' paper gains largely disappear, and the incentive to take profit starts to fade.