Bitcoin’s spot market is sending a warning signal that price charts alone won’t show you. Apparent demand for Bitcoin is contracting at its fastest clip since January 10, according to CryptoQuant head of research Julio Moreno.
The demand picture is uglier than the price suggests
To understand what’s happening, you need to know what “apparent demand” means in this context. Think of it as a thermometer for genuine buying interest, measuring the net change in Bitcoin that’s being accumulated versus sold on spot markets. When it’s negative, more Bitcoin is being offloaded than absorbed by new buyers.
That thermometer has been below zero for a while now. Since late November 2025, spot apparent demand has remained firmly in negative territory. It bottomed out at roughly -91,000 BTC in April 2026 before improving slightly to around -11,000 BTC by early May.
The latest reading, flagged on May 23, shows the 30-day rate of decline accelerating again to levels not seen since the start of the year. That January 10 reference point matters because it marked a similar moment of demand weakness that preceded choppy price action.
