Bitcoin's spot market demand has stayed negative for nearly seven months, according to crypto analyst Ali Martinez, who flagged a fresh low in a closely watched on-chain metric on June 26. Ma
Bitcoin's spot market demand has stayed negative for nearly seven months, according to crypto analyst Ali Martinez, who flagged a fresh low in a closely watched on-chain metric on June 26.
Martinez pointed to Bitcoin's apparent demand reading, which has remained in negative territory for 208 consecutive days and recently dropped to -273,000 BTC, the lowest level in this stretch.
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The metric works by comparing newly created Bitcoin from miner block rewards against the movement of existing coin supply already in circulation. According to the analyst, the pattern split into two distinct phases.
From Nov. 9, 2025, through May 31, 2026, apparent demand sat quietly between 0 and -150,000 BTC, reflecting a mild but steady distribution of existing supply rather than aggressive selling.
“Following the latest batch of on-chain data, this metric dropped to -273,000 Bitcoin and has flatlined around this level,” the analyst wrote in the post.
A negative apparent demand figure indicates that old Bitcoin supply is entering circulation faster than the spot market can absorb it. In practical terms, holders moving coins that have sat dormant are outpacing the volume of fresh capital coming in to buy them.
That imbalance, Ali Martinez noted, creates heavy overhead resistance on price, selling pressure that simply outweighs new inflows, regardless of what headline price action might suggest day to day.
“This mismatch suggests that selling pressure is outpacing new capital inflows, creating heavy overhead resistance on the price,” Ali Martinez further wrote in the post.
What stands out in the analyst’s breakdown isn't a single dramatic event, but the duration. Seven months of consistently negative demand points to a structural pattern rather than a short-term blip, suggesting the market has been quietly absorbing distributed supply for far longer than recent price moves alone would indicate.
Whether this metric turns positive again will depend on whether fresh capital inflows can catch up to the pace of supply re-entering the market, the same dynamic Martinez and other analysts have been tracking across several demand-side indicators in recent weeks.
BTC/USD, Source: DecibelBitcoin was exchanging hands at $59,689 at press time, as per Decibel.
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