Bitcoin Demand Reawakens: On-Chain Metrics Signal Bullish Reversal After Four-Month Slump
On-chain data reveals a significant shift in Bitcoin's market dynamics, with the Apparent Demand metric turning positive for the first time since late November 2025. This resurgence in spot demand, highlighted by CryptoQuant's Julio Moreno, marks a potential inflection point after a prolonged period of stagnation. The 30-day sum of the metric has entered positive territory, suggesting renewed accumulation and a fundamental strengthening of Bitcoin's market structure. The Apparent Demand indicator, which compares daily mining issuance against changes in the 1-year inactive supply (representing long-term holder behavior), provides a nuanced view of net demand beyond simple price action. This development is particularly noteworthy as it suggests that underlying demand is beginning to outpace the daily production of new BTC from miners, a classic precondition for sustainable price appreciation in Bitcoin's fixed-supply economics. The shift comes after nearly four months of subdued demand metrics, potentially indicating that the market has absorbed previous selling pressure and that a new phase of accumulation is underway. For professional practitioners, this on-chain signal aligns with a bullish outlook, suggesting that the foundational demand-side equation for Bitcoin is improving. While price targets are not explicitly stated in the data, such a resurgence in fundamental demand often precedes significant price movements in the cryptocurrency's cyclical nature. This development warrants close monitoring of subsequent on-chain trends, exchange flows, and holder behavior to confirm whether this is the beginning of a sustained bullish trend reversal in the second quarter of 2026.
Bitcoin Demand Growing For First Time Since November, Data Shows
On-chain data reveals a resurgence in spot demand for Bitcoin, with the Apparent Demand metric turning positive for the first time since late November. CryptoQuant's Julio Moreno highlights the shift, noting that the 30-day sum of the metric has entered green territory.
The Apparent Demand indicator compares mining issuance—the daily production of new BTC—against changes in the 1-year inactive supply, which represents long-held inventory. A positive reading signals that inventory drawdowns outpace new supply, suggesting renewed market appetite. The trend marks a potential inflection point after months of subdued activity.
Bitcoin Adoption Surges Amid Price Slump
Bitcoin’s price may be down 50% from its peak, but institutional adoption is accelerating at a historic pace. River’s latest report reveals five nation-states—including Luxembourg, Saudi Arabia, and Brazil—have added BTC to sovereign holdings in 2025, bringing the total to 23 governments with exposure. Meanwhile, 60% of top U.S. banks are building Bitcoin products, signaling a structural shift beyond speculative trading.
The divergence between price and adoption mirrors 2018’s bear market, when infrastructure development laid groundwork for the next bull cycle. 'There’s no bear market in Bitcoin adoption,' River notes, highlighting central bank accumulation and merchant payment integrations progressing silently.
Bitcoin Rebounds to $68K as Jane Street Narrative Resurfaces, But Structural Stress Lingers
Bitcoin surged 7% on Wednesday, briefly alleviating selling pressure amid renewed discussion of Jane Street's alleged role in the 2022 LUNA collapse—a claim never substantiated but one that coincidentally aligned with improved liquidity expectations. The rebound masks deeper structural vulnerabilities.
On-Chain Trader cohorts now face a critical threshold: their average realized price sits at $90,000, leaving them with 24% unrealized losses at current levels. Deviation bands suggest potential mean-reversion paths between $56,000 and $153,000, framing the market's tension between relief rally and underwater holders.
Darkfost's analysis underscores the paradox: short-term momentum clashes with the behavioral sensitivity of recent buyers. 'When cohorts are this far underwater, volatility becomes self-reinforcing,' noted one trader, as bitcoin's price dances between institutional narratives and retail pain thresholds.
Crypto Markets Consolidate After Failed $70K Bitcoin Test
Bitcoin's rejection at the $70,000 resistance level has left crypto markets in consolidation, with traders weighing whether this signals an impending dip or prelude to another rally. The flagship cryptocurrency now hovers near $67,000 after liquidations exceeding $250 million swept through derivatives markets.
Market structure appears fragile despite some weekly gains. Macroeconomic headwinds persist from October's liquidity crunch, compounded by geopolitical tensions that continue suppressing risk appetite. Analysts note the market won't sustainably rebound until these larger economic concerns abate.
Seasonal factors may provide temporary relief - billions in anticipated tax refunds could flow into risk assets. But for now, traders remain cautious after BTC's 20% decline since late February showed how quickly sentiment can turn.
Wikipedia Co-Founder Jimmy Wales Questions Bitcoin's Long-Term Value
Wikipedia co-founder Jimmy Wales has cast doubt on Bitcoin's future as a mainstream financial asset, suggesting its price could drop below $10,000 by 2050. While acknowledging the cryptocurrency's technical resilience, Wales argues it has failed as a currency and store of value.
The technology works, but adoption hasn't matched expectations. Bitcoin may remain a niche asset for enthusiasts, while traditional safe-havens like gold and real estate continue dominating store-of-value demand.
Wales' comments highlight the growing divide between Bitcoin's technological promise and its real-world utility. The network's architecture ensures survival, but its economic future remains uncertain.
Bitcoin Nears Bottoming Phase as Supply in Loss Hits Bear Market Thresholds
Bitcoin's market structure increasingly resembles a bottoming phase rather than an early bear stage, according to Glassnode's latest analysis. The Total Supply in Loss metric—tracking BTC held at unrealized losses—has surged to 9.2 million BTC, nearing 50% of circulating supply. This level historically aligns with late-stage bear markets where capitulation precedes recovery.
The metric's 7-day moving average spiked after Bitcoin's October all-time high, mirroring patterns seen during previous cycle lows. Glassnode notes the current 50% supply-in-loss threshold matches historical inflection points where broad investor cohorts faced maximum pressure.
