On-chain data shows the Apparent Demand of Bitcoin has stayed at notable positive levels recently despite the bearish action that BTC has seen.
Bitcoin Apparent Demand Is Still At A High Level
In a new post on X, CryptoQuant founder and CEO Ki Young Ju has shared an update on how the “Apparent Demand” for Bitcoin is currently looking. The Apparent Demand refers to an on-chain indicator that, as its name suggests, aims to estimate the demand for the cryptocurrency. As the analyst explains,
Apparent demand is the difference between production and changes in inventory. For Bitcoin, production refers to mining issuance, while inventory refers to the supply inactive for over a year.
The “mining issuance” here is a measure of the total amount of Bitcoin that the miners are producing on the blockchain every day. Miners ‘mint’ BTC when they receive tokens in rewards as compensation for adding blocks to the chain.
The one-year inactive supply corresponds to the BTC supply that’s in the hands of the HODLers and is unlikely to be moved. Changes in this metric, therefore, reflect whether investors are adding to this inventory or whether demand is driving it out. The CryptoQuant founder notes,
If the decrease in inventory exceeds production, demand is increasing, and vice versa. This metric is widely used across industries, including consumer goods and raw materials.
Now, here is the chart for the Bitcoin Apparent Demand shared by Young Ju that shows the trend in its value over the last few years:
The value of the metric appears to have been positive in recent weeks | Source: @ki_young_ju on X
As is visible in the above graph, the 30-day sum of the Bitcoin Apparent Demand surged to notable positive levels in the last few months of the year, implying interest in buying the asset became high.
Alongside this strong demand, the cryptocurrency’s price enjoyed a bull rally that took it to a new all-time high of $108,000. Demand has waned since then as BTC’s bearish price action has occurred, but the indicator still has a significant green value.
It’s possible the decline in the Apparent Demand would only continue in the near future, but the fact that it hasn’t yet dropped low could be an optimistic sign for the investors.
In some other news, the Bitcoin whales, the investors who carry between 1,000 and 10,000 BTC, have resumed accumulation recently, as an analyst has pointed out in a CryptoQuant Quicktake post.
The trend in the holdings of the BTC whales over the past year | Source: CryptoQuant
The whales had ended 2024 with their biggest selloff of the year, but their holdings have been on the rise again in this new year of 2025. This can naturally be a bullish sign for Bitcoin.
BTC Price
At the time of writing, Bitcoin is trading around $94,900, down more than 3% over the last 24 hours.
Looks like the price of the coin has plunged in the past couple of days | Source: BTCUSDT on TradingView