Bitcoin Spot Demand Remains Weak as Short-Term Holder Profit-Taking Weighs on Price

Bitcoin (BTC) spot demand remains at persistently weak levels. Darkfost, an analyst at on-chain analytics firm CryptoQuant, posted on X (formerly Twitter) on the 1st that Bitcoin's "apparent demand" stands at negative 112,500 BTC, expressing the view that spot demand is "still too weak."

Apparent demand is a metric calculated from the difference between newly issued BTC and supply that has not moved in over a year, measuring the extent to which long-term holder accumulation is absorbing new supply. The continued negative territory indicates that long-term holders' accumulation pace is falling short of new issuance.

According to Darkfost, while the metric has been trending toward improvement since September 20, it still reflects overall demand weakness.

Short-Term Holder Unrealized Profits at Highest Since December 2024

On the other hand, short-term holders' unrealized profit margin has reached approximately 33%, the highest level since December 2024. CryptoQuant data shows that on September 22, short-term holders realized profits on 25,700 BTC—the largest single-day figure so far in 2026.

Bitcoin recently climbed to around $87,400 (approximately ¥14 million), an eight-month high, before pulling back. CryptoQuant rates its Bull Score Index—which measures the degree of bullish market conditions—at 90 out of 100, deeming conditions "extremely bullish," but notes that rising profitability can become a source of selling pressure.