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Bitcoin (BTC) traded at $77,162.17 at the time of writing after recovering from a five-week low near $74,250. The world’s largest cryptocurrency stabilized above key short-term support as traders reacted to easing oil prices, shifting geopolitical headlines, and broader risk sentiment across financial markets.
In a CryptoQuant analysis published this week, analyst Darkfost said Bitcoin’s Apparent Demand had fallen to its most bearish level of 2026, approaching negative 147,000 BTC. The reading coincided with more than $1.25 billion in weekly outflows from US spot Bitcoin exchange-traded funds (ETFs), raising fresh questions about whether the recent rebound can continue without stronger spot-market demand.
Bitcoin fell to approximately $74,250 on Saturday, its lowest level in more than five weeks, before recovering toward the $77,000 area. The rebound coincided with improving sentiment across traditional markets after oil prices retreated sharply and reports suggested progress in negotiations aimed at easing tensions between the United States and Iran.
The recovery also pushed Bitcoin back above its closely watched 50-day moving average (MA) near $76,900, a level many traders use to gauge short-term trend direction. Holding above that average helped stabilize sentiment after several days of selling pressure.
Even so, Bitcoin remains below major resistance levels that previously capped upside attempts. Technical analysts continue to monitor the $77,500-$78,000 zone, which several market observers have identified as a key barrier before a potential move toward higher levels.
While Bitcoin has recovered from weekend lows, on-chain data suggests underlying demand remains under pressure.
CryptoQuant reported that Bitcoin’s Apparent Demand has fallen to nearly negative 147,000 BTC, marking the weakest reading of the year and the most negative level since December 2025.
Bitcoin’s apparent demand hits most bearish level since December 2025.
The metric is now approaching -147,000 BTC.
Demand is collapsing. pic.twitter.com/B2FWhlFJUM
— That Martini Guy ₿ (@MartiniGuyYT) May 25, 2026
The metric compares newly issued Bitcoin supply against coins that have remained inactive for more than one year. The calculation helps estimate whether long-term accumulation is absorbing the amount of new Bitcoin entering circulation.
A declining reading suggests demand is weakening relative to available supply. According to CryptoQuant, the latest figures indicate that structural buying activity has continued to contract in recent months.
The finding is important because sustained Bitcoin rallies have historically relied on strong spot-market participation rather than derivatives activity alone. Futures markets can amplify short-term price movements, but durable advances typically require investors to commit fresh capital to the underlying asset.
The metric has historically fluctuated with market cycles, but the latest reading indicates buying activity remains weaker than earlier in the year.
Recent ETF flow data points to the same trend identified in CryptoQuant’s demand analysis, with institutional investors withdrawing capital from Bitcoin products rather than adding fresh exposure.
US spot Bitcoin ETFs recorded approximately $1.257 billion in net outflows between May 18 and May 22. Spot Ether (ETH) ETFs lost another $216 million during the same period.
Those withdrawals followed a broader two-week stretch in which more than $2 billion left Bitcoin ETF products, reducing one of the market’s largest sources of institutional demand.
Blockchain analytics platform Arkham reported that BlackRock reduced its Bitcoin holdings by about $1 billion across multiple sessions last week. While ETF flows fluctuate regularly and don’t always indicate a long-term trend change, the selling activity coincided with weakening demand indicators and softer risk appetite across digital assets.
BLACKROCK JUST SOLD $1 BILLION OF BTC
BlackRock sold Bitcoin every single day last week. They sold a total of $1.01 BILLION of BTC.
If BlackRock is selling… who’s buying? pic.twitter.com/RolY6XyJaD
— Arkham (@arkham) May 25, 2026
Exchange-flow data showed a net inflow of approximately 18,528 BTC into centralized exchanges during the period. Traders often monitor such movements because coins transferred to exchanges increase the immediately available market supply.
Weak demand indicators have been offset by improving conditions across broader financial markets.
While ETF outflows and on-chain indicators have weakened, several broader market developments helped support Bitcoin’s recovery from weekend lows.
Oil prices dropped more than 5% as traders responded to reports that a potential agreement affecting the Strait of Hormuz could improve energy-market conditions. Equity markets reacted positively, with S&P 500 futures reaching record highs and major Asian indexes posting strong gains.
BREAKING: S&P 500 futures surge to their highest level on record. pic.twitter.com/ei8dp3wsWP
— The Kobeissi Letter (@KobeissiLetter) May 24, 2026
Improving conditions across traditional risk assets often benefit cryptocurrencies by encouraging investors to move capital away from defensive positions.
Bitcoin also continues to attract interest from corporate treasury buyers. Strategy’s holdings stood at 843,738 BTC as of May 24 with an average purchase price of $75,701, while Trump family-backed miner American Bitcoin recently disclosed an additional 200-BTC purchase, bringing its holdings to approximately 7,500 BTC.
These developments suggest that long-term conviction among some institutional and corporate participants remains intact despite weaker short-term demand indicators.
Bitcoin’s near-term direction may depend on whether buyers can overcome resistance between $77,500 and $78,000, while demand indicators stabilize.
A break above that region could bring the psychological $80,000 level back into focus, while the 200-day MA near $81,300 remains a major technical hurdle.
On the downside, support sits around $76,150, followed by the $75,000 area that attracted buyers during the recent selloff. A move below those levels would place greater attention on the weekend low near $74,250.
Bitcoin remains above its 50-day MA near $76,900, but resistance between $77,500 and $78,000 continues to limit upside. At the same time, CryptoQuant’s Apparent Demand metric remains near negative 147,000 BTC, its weakest level since December 2025.
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