Bitcoin Apparent Demand Still Negative at -112,500 BTC, Analyst Says

The improvement is real but narrow: ETF absorption of roughly 28,000 BTC only partly offsets a still deeply negative demand reading, which suggests the marginal buyer is an ETF wrapper rather than broad spot interest. That distinction matters because it concentrates exposure in a channel that can reverse quickly. The open question is whether apparent demand keeps climbing toward neutral on its own, or whether it stalls once ETF inflows slow.