[Digital Today reporter Yoonseo Lee] Bitcoin demand has fallen to its weakest level so far in 2026, raising doubts about the sustainability of the recent rebound.

Blockchain media outlet The Crypto Basic reported on May 25 that Bitcoin demand recently fell to about minus 147,000 BTC, the lowest since last December.

Prices are rebounding, but demand indicators are moving in the opposite direction. Bitcoin slid to $74,156 last week and regained the $77,000 level this week. But the recovery was cited as a burden because spot demand is not supporting it.

CryptoQuant analyst Darkfost explained in a post on X, formerly Twitter, that the indicator measures the difference between newly issued bitcoin and supply that has not moved for more than a year. That means it shows whether long-term holders’ accumulation is strong enough to absorb new supply entering the market.

Demand conditions have worsened noticeably in recent weeks. A trend that stayed positive for much of 2025 quickly turned negative toward year-end, and weakness has continued this year. The current reading is the lowest even compared with early this year.

That trend diverges from the recent price rebound. Bitcoin pulled back from $82,800 in early May but rose 1.6 percent on a monthly basis and gained 11.8 percent in April. But Darkfost saw the recent recovery as potentially relying more on demand for derivatives trading than spot buying. He noted that Bitcoin may still not have secured strong spot buying activity.

Derivatives trading can support price moves in the short term, but spot buyers’ participation is more important for a continued rise, another view said. Darkfost mentioned that momentum reliant on leverage alone makes it difficult to produce a sustained rally.

Market sentiment also remains subdued. In the past, periods when apparent demand fell deep into negative territory mostly appeared when fear was strong and investor sentiment was weak. But such conditions were also repeatedly observed near key turning points in long-term cycles. There were cases in which Bitcoin formed a bottom for a future recovery when demand fell sharply and market mood tilted excessively pessimistic.

A separate indicator from Alphractal also suggested the possibility of a short-term rebound. Its holder sentiment index, which compares conviction levels by holding period, registered 0.82. Alphractal said that when the reading last appeared, Bitcoin rose 67 percent over 90 days.

In the end, the current Bitcoin market has entered a phase in which a price rebound and weak spot demand appear at the same time. Derivatives trading may support prices in the short term, but the medium- to long-term direction is increasingly likely to hinge on whether spot buying recovers.

Bitcoin Demand has fallen to Its most Bearish level of the year Bitcoin’s Apparent Demand has just reached its most negative level since the beginning of the year. With an estimate now approaching -147,000 BTC, we have to go back to December 2025 to find market sentiment… pic.twitter.com/TQyM8m8LXu