Analysis: Bitcoin’s apparent demand has improved significantly, but structural hoarding volumes remain insufficient to fully absorb new supply.
2026.08.15 17:07:41
CryptoQuant analyst Darkfost wrote that Bitcoin’s apparent demand has improved notably but remains negative at -32,000 BTC. When Bitcoin entered its current consolidation range in early June, demand was estimated at -272,000 BTC. This is a positive development, though not yet robust enough. Similar patterns were observed in February and May 2026, after which demand weakened again. This may also be tied to falling average mining output, as hash rate has declined, leading to lower production. Thus, this is not yet strong positive momentum, but the trend merits close monitoring. Note: Apparent demand is calculated as the number of newly mined BTC minus supply that has not moved for over a year. In other words, this metric assesses whether structural hoarding is sufficient to absorb new supply generated by the network.
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