Bitcoin Apparent Demand Hits 208-Day Low at -273,000 BTC on June 26

According to crypto analyst Ali Martinez, Bitcoin's spot market apparent demand metric on June 26 dropped to -273,000 BTC, marking the lowest level in its 208-day negative streak. The metric, which compares newly mined Bitcoin against existing supply circulation, has remained in negative territory since late November 2025.

Negative apparent demand indicates that dormant Bitcoin supply is entering circulation faster than fresh capital can absorb it, creating overhead resistance on price. Martinez noted this sustained imbalance suggests selling pressure is outpacing new inflows, regardless of recent price action.