Bitcoin Apparent Demand Improves to -32,000 BTC, Still Insufficient to Absorb New Supply

On August 15, CryptoQuant analyst Darkfost stated that Bitcoin's apparent demand has improved to -32,000 BTC, up from -272,000 BTC in early June. Although this change is positive, it remains insufficient. Similar patterns were observed in February and May 2026, after which demand weakened again, possibly due to a decline in average mining volume and a drop in hash rate, leading to reduced output. The current positive momentum is not strong, and this trend needs to be closely monitored. Apparent demand is calculated as the number of newly mined BTC minus the supply that has not been used for over a year, used to assess whether structural hoarding is sufficient to absorb newly generated supply.

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