CryptoQuant&#8217;s research head has pointed out how demand to absorb Bitcoin at 
higher prices has been low recently, potentially explaining the asset&#8217;s 
decline. Bitcoin Apparent Demand Metric Has Turned Red Recently In a new post 
on X, Julio Moreno, head of research at on-chain analytics firm CryptoQuant, 
has looked at recent BTC market dynamics from a different angle. &#8220;Instead of 
looking at Bitcoin long-term holder distribution/spending, I like to look at 
the other side of the trade,&#8221; noted Moreno. Related Reading: Crypto Analyst 
Maps Out Dream Ethereum Scenario To $8,000 Long-term holders here refer to the 
BTC investors who have been holding onto their coins for a period longer than 
155 days. This cohort is considered to include the high-conviction &#8220;HODLers&#8221; 
of the market, so distribution from them is often something on-chain analysts 
watch out for. As CryptoQuant community analyst Maartunn has highlighted in a 
separate X post, Bitcoin long-term holders have participated in a significant 
amount of selling during the past month. This isn&#8217;t the signal Moreno focuses 
on, however. Instead, the CryptoQuant head checks for whether there is enough 
demand coming in to absorb the supply that the long-term holders are selling 
at higher prices. An indicator that can be useful for tracking this is the 
Apparent Demand, which compares the difference between BTC&#8217;s production and 
changes in its long-term inventory. &#8220;Production&#8221; is the amount that miners are 
issuing on the network every day, while the &#8220;inventory&#8221; is the supply that has 
been inactive for over a year. Now, here is the chart shared by Moreno that 
shows the trend in the 30-day and 1-year versions of the Bitcoin Apparent 
Demand over the last few years: As displayed in the above graph, the Bitcoin 
Apparent Demand has been red on the 30-day during the last few weeks, implying 
a negative short-term demand for the cryptocurrency. &#8220;Is there enough demand 
to absorb the supply at higher prices?&#8221; asked the analyst. &#8220;Since a few weeks 
ago the answer is no, and that is why we see prices declining.&#8221; The story is a 
bit different when it comes to the 1-year Apparent Demand, which has actually 
seen some growth recently, but the pace of its rise has been slow, and its 
value is still below the 90-day simple moving average (SMA). Related Reading: 
Bitcoin At Key Retest: Bounce Or $98,000 Next? The last time Bitcoin saw an 
extended phase of negative 30-day Apparent Demand was during the bearish phase 
in the first half of the year. It now remains to be seen whether something 
similar will follow this time as well, or if demand will bounce back. BTC 
Price At the time of writing, Bitcoin is floating around $103,900, down 9% 
over the last seven days. Featured image from Dall-E, CryptoQuant.com, chart 
from TradingView.com

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Cryptocurrency price in MMK