Global Bitcoin demand has just reached its worst level this cycle, meaning since the previous bear market.

Whether looking at spot demand, which has reached -272,000 BTC (30-day sum) and has remained negative for almost the entire year so far, or futures demand, which has just hit -229,000 BTC, the picture is clear.

Demand is contracting in the most significant way seen this cycle and shows a contraction of approximately 501,000 BTC today.

On the futures side, we are observing speculative episodes where investors play technical bounces, but these do not last.

This observation comes against a particularly challenging backdrop for an asset like Bitcoin. Bond yields remain elevated and are constraining liquidity, inflation is picking up again, and the global economy is increasingly impacted by the situation in the Strait of Hormuz.

In this environment, available liquidity is flowing more toward equity markets driven by tech and AI, or even into Forex and precious metals.

That said, these are periods that deserve close attention, as it is precisely during these phases of disinterest that positioning can prove profitable, though this requires a well-defined risk management framework.

We notably observed similar periods in November 2023 and April 2025.

Written by Darkfost