Demand for Bitcoin (BTC) has decreased sharply over the last few days as the price ran into overhead resistance above $80,000. Analysts say BTC’s inability to hold key support levels may be paving the way for a prolonged consolidation.
Key takeaways:
Bitcoin’s apparent demand fell to -3,138 BTC, its lowest level in four months.Weak spot activity and negative ETF flows pressure the BTC price below $80,000.Analysts warn that Bitcoin risks prolonged consolidation or a deeper correction if $78,000 is not broken.
Bitcoin’s apparent demand has dropped to its lowest level since mid-January, as traders and investors adopted a risk-off approach due to geopolitical and macroeconomic uncertainties.
Related: Bitcoin rallies through $77K despite spot BTC ETF outflows topping $2B
Capriole Investment’s Bitcoin Apparent Demand metric shows that demand for Bitcoin has been negative since Dec. 22, 2025 and improved slightly in late February, before reversing sharply to -3,138 BTC on Thursday.
Bitcoin’s apparent demand. Source: Capriole Investments
“Bitcoin’s overall demand has flipped into net contraction,” CryptoQuant said in its latest Weekly Crypto report, adding:
“Spot apparent demand is contracting at a slightly faster pace than in prior weeks.”
Spot market activity has weakened in recent weeks, with the aggregate spot cumulative volume delta (CVD) across all exchanges “remaining negative into the recent pullback toward the high-$70K range,” Glassnode said in its latest Week On-chain newsletter, adding:
“Despite Bitcoin remaining relatively resilient structurally, the latest spot positioning data suggests broad-based spot accumulation has yet to re-emerge.”
Bitcoin spot CVD. Source: Glassnode
Meanwhile, US-based spot exchange-traded funds (ETFs) also turned net sellers, with the 30-day change in ETF holdings falling to its lowest level in nearly three months.
This suggests that “outright spot demand is becoming less aggressive near the current range highs,” Glassnode added.
US ETF AUM position change. Source: Glassnode
The simultaneous deterioration across spot demand and ETF flows has “historically…
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