Bitcoin's apparent demand indicator has turned negative, a critical shift that arrived as BTC dipped below $77,000 and spot ETFs recorded $236 million in net outflows.
Data from CryptoQuant shows the negative turn followed a brief August rebound. The apparent demand indicator measures the difference between newly mined Bitcoin issuance and changes in inactive supply. A positive reading means older coins are becoming active and the market absorbs them alongside new issuance—strong spot demand. A negative reading indicates coins are aging into dormancy faster than miners introduce new supply.
Bitcoin sold off into early European trading Wednesday, hitting a local low of $76,400 before reclaiming $77,000. The asset was trading at $77,004 but faces resistance.
The pressure extended beyond Bitcoin. Asian equities suffered steep declines. South Korea's KOSPI fell 4.0 percent to 6,562.72, with chipmakers SK Hynix and Samsung Electronics shedding 4 percent and 4.7 percent respectively. Japan's Nikkei 225 dropped 2.9 percent to 64,325.64, dragged down by SoftBank Group. Taiwan's TAIEX recorded a 1.7 percent decrease.
The selling reflected soaring oil prices and profit-taking in the artificial intelligence sector. The macro backdrop also shifted: the U.S. 10-year yield briefly dipped below 4.8 percent as a global bond rout eased slightly. Inorganic price action in USD/JPY at 13:00 UTC—a decline to 158.5 from the 160 level—was widely attributed to central bank intervention, though no official announcement was made.
