Bitcoin demand has stayed negative for months—Heres what it means for BTC
On June 24, $700 millionworth of long positions were liquidated across the crypto market. A Bitcoin [$BTC] sell-off led to fearful market conditions and hunted down speculative long positions trying to buy the dip. The leading crypto was trading below $60konce more, and more losses appeared likely. Bitcoin demand has been drying up for months Source: Ali Charts on X In a post on X, analyst Ali Martinez showed that $BTCs apparent demand has been negative for 208 days. The metric measures if spot demand is strong enough to absorb the supply from new miner production and old supply moving onto exchanges. Negative values indicate that selling pressure outweighs demand, creating significant resistance to price bounces. AMBCrypto reported that though the Bitcoin OI was down from its 2025 peaks, the volatility remained high. The Coinbase Premium Index has been negative for over a month, signaling a lack of demand from investors in the U.S. Sustained spot ETF outflows showed a lack of confidence as the price action continued to weaken. Source: Axel Adler Jr. Crypto analyst Axel Adler Jr. noted that the net realized P/L has been in negative territory for five months. This metric uses the difference between realized profit and loss, and the 90-day moving average to









