Demand for Bitcoin has slowed significantly, according to CryptoQuant analyst Darkfost, who said the chain’s visibility has dropped from its reading of more than a year.
Darkfost, posting on X under the handle @Darkfost_Coc, he shared CryptoQuant’s 30-day Bitcoin Demand chart is falling into negative territory. The analyst said that the metric is now approaching the minus 147,000 BTC, which indicates its weakness since the beginning of 2026.
“Bitcoin’s Visible Demand has just reached its worst level since the beginning of the year,” wrote Darkfost. “I estimate to be close to -147,000 BTC, we have to go back to December 2025 to get market sentiment.”
Visual Desires Are Worst
The chart tracks Bitcoin’s apparent demand along with the price, showing a change from being considered very positive through parts of 2025 to a long negative demand at the end of 2025 and again in 2026. The recent drop is notable because it comes after the price of Bitcoin recovered from the lows of early-2026, meaning that the rebound did not match well with the change. the need for construction sites.
Collaborative Reading
Darkfost defined Apparent Demand as “the difference between the new release of BTC and the amount of submit what didn’t work more than a year.” In theory, these metrics are designed to see if the accumulation from long-term holders is sufficient to absorb the newly minted Bitcoin.
“In other words, this metric helps estimate whether the accumulation of structure is sufficient to absorb the network’s performance,” the analyst wrote.
That interpretation makes the current reading a bit longer. If the apparent demand is very negative, it indicates that the market is not showing enough absorption to stop the release and support a stable bullish phase.
Futures Momentum Faces a Critical Challenge
Darkfost’s main argument is that Bitcoin’s structure could be at risk if derivatives do too much work. Futures markets can raise prices, accelerate withdrawals and increase flows, but they do not represent sustainable accumulation.
“This shows that demand is continuing to slow down,” Darkfost said. “Without a significant recovery, it is difficult to imagine Bitcoin having a sustained rally due to futures markets.”
Collaborative Reading
This principle is especially important in the market where the price can add sugar quickly, location and liquidity changes. A future-driven movement can lead to direct action, but Darkfost argued that the more sustainable stages often require a solid foundation.
“Futures can support a short-term rise and widen price movements,” the analyst wrote, “but the stable sectors that are needed often require real space, because the exits alone do not allow the market to create a stable and solid foundation.”
Bearish Signal, Long Term Setup?
The researcher did not claim that the recent readings were incorrect. Although the short-term meaning is pessimistic, Darkfost noted that the place that needs the unexpected has already been needed. assessment of long-term investors.
“That said, while this appears to be short-term success, these types of areas in the past have also created exciting opportunities for investors who can be patient,” the analyst said.
At press time, BTC traded at $77,300.
Graphic design by DALL.E, chart from TradingView.com
