Bitcoin’s apparent demand turns negative as price hovers around $77,000

Bitcoin (BTC) slipped to a local low of $76,400 in early European trading on Wednesday before climbing back above $77,000. The move coincided with a fresh negative reading from an on‑chain demand metric and a broader market pullback in bonds and Asian stocks.

On‑chain demand indicator turns negative

Data from CryptoQuant shows Bitcoin’s “apparent demand” metric turning negative again after a short‑lived rebound in August. The indicator compares newly mined issuance with changes in inactive supply; a negative reading means that dormant coins are outpacing new coins, suggesting weakening spot demand. The shift followed US spot Bitcoin ETFs recording $236 million of outflows the previous day.

Price action and resistance

After touching $76,400, BTC reclaimed the $77,000 level but remains constrained by a cluster of resistance levels identified in earlier analysis.

Bond market and currency moves

The global bond rout eased slightly as the U.S. 10‑year Treasury yield briefly fell below 4.8%. Meanwhile, the USD/JPY pair dropped sharply to 158.5, prompting speculation of a possible yen‑intervention by the Bank of Japan, though no official statement has been made.

Asian equity sell‑off

Asian stock markets fell sharply, likely pressured by rising oil prices and profit‑taking in the AI sector. South Korea’s KOSPI slid 4.0% to 6,562.72, Japan’s Nikkei 225 dropped 2.9% to 64,325.64, and Taiwan’s TAIEX declined 1.7%.

Outlook

With on‑chain demand turning negative and broader market pressures persisting, Bitcoin’s short‑term trajectory appears tied to developments in the bond market, currency interventions, and equity performance across Asia.