Demand for Bitcoin (BTC) has collapsed to a four-month low as the largest cryptocurrency struggles below $80,000, raising the odds of a prolonged consolidation phase.
Bitcoin Apparent Demand Hits 4-Month Trough
Demand readings have weakened sharply over recent days, with the apparent demand metric tracked by Capriole Investments sliding to -3,138 BTC.
That marks its weakest reading since mid-January, arriving as BTC stalled under heavy resistance just above the $80,000 mark.
CryptoQuant said in its latest Weekly Crypto report that overall demand has tipped into net contraction, with spot demand shrinking faster than in prior weeks.
US spot exchange-traded funds have piled on the pressure. Products tracked by SoSoValue shed roughly $979.7 million in the week ended May 19, layered on top of around $1 billion in outflows the previous week, ending a six-week run of inflows that had supported the spring rally.
Also Read: Bitcoin Bulls Wake Up At $77,500, Yet The Macro Math Looks Brutal
Glassnode Flags Bear-Market Risk
Glassnode noted that the 30-day change in ETF holdings has dropped to its lowest level in roughly three months, signaling that outright spot demand is becoming less aggressive near the range highs.
Bitcoin's 38% rally from a $60,000 macro low to $82,800 lifted prices above the true market mean, currently near $78,300, a model that tracks the average acquisition cost of actively transacted supply.
Glassnode analysts argue reclaiming this level is necessary but not sufficient for a structural shift, since pre-bull phases historically need weeks or months of consolidation around the mean before any regime change can be confirmed.
A deeper correction from here would reframe the recent rally as a local top inside an ongoing bear market.
What CoinDesk Reports On Buyer Fatigue
Analysts flagged that CryptoQuant's Bull Score Index has slipped from 40 to 20, a level the firm labels extremely bearish.
The three pillars of the spring rally, leveraged futures buying, spot accumulation, and US ETF inflows, have all weakened in tandem.
Other analysts point to fading momentum, softer retail participation, and aggressive futures selling, with some warning BTC could test $65,000 if the $78,000 floor breaks.
Bitcoin has been trapped in a wide corridor since November 2025, when it slid from a $126,200 all-time high before bottoming near $60,000 in February. The asset then staged a roughly 38% rebound through April, only to stall under the 200-day moving average near $82,400 throughout May.
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