Bitcoin’s on-chain demand indicator has turned negative again after rebounding in August.

On Sept. 2, local time, blockchain outlet Cointelegraph reported that bitcoin briefly slid to around $76,400 on Sept. 1 before recovering part of the $77,000 level.

The decline followed $236 million in outflows from spot bitcoin exchange-traded funds the previous day. Data from on-chain analytics firm CryptoQuant showed bitcoin’s apparent demand had turned negative again. The indicator compares the difference between newly mined supply and changes in inactive supply.

The indicator measures the gap between newly mined supply and changes in inactive supply. A positive reading means older coins are moving again and the market is absorbing them along with newly issued supply. A negative reading means coins are accumulating in an inactive state faster than they are being mined.

Bitcoin has reclaimed the $77,000 level but remains below a previously formed resistance zone. The market is watching whether buying interest is failing to build even after a short-term rebound.

The macro backdrop also weighed. Selling in global bond markets eased somewhat, but the yield on U.S. 10-year Treasuries at one point fell below 4.8 percent. Around the same time, the dollar-yen exchange rate showed abnormal price moves, which markets interpreted as a signal of central bank intervention. USD/JPY slid to 158.5 ahead of the 160 level. There was still no official announcement from Japanese authorities (BOJ).

Asian stocks also weakened. South Korea’s KOSPI ended down 4.0 percent at 6,562.72. Japan’s Nikkei 225 fell 2.9 percent to 64,325.64, and Taiwan’s Taiex dropped 1.7 percent.

A surge in oil prices and profit-taking in artificial intelligence-related shares were cited as factors behind the stock-market weakness. A group of stocks with heavy weightings in technology names such as SoftBank Group led the index declines. The trend appears to have weighed on the crypto market as it dampened investor sentiment toward risk assets more broadly.

In bitcoin supply and demand, it also stood out that ETF flows and on-chain indicators weakened at the same time. With apparent demand turning negative again soon after large outflows from spot ETFs, the market is placing more importance on whether spot buying actually recovers than on a simple price bounce. In the short term, maintaining the recovery above $77,000, breaking through resistance, and a reversal in ETF fund flows are expected to be key points to watch.