Bitcoin on-chain demand turns negative as price slips below $77K

The renewed flip to negative apparent demand is a meaningful signal because it strips out price action and focuses on actual on-chain accumulation behavior. This suggests the latest leg lower is not just a macro-driven liquidation event but reflects a genuine drop in spot conviction, which historically has preceded extended consolidation. The broader risk-off tone in bonds and equities amplifies the read, as crypto's correlation to macro liquidity remains the dominant driver. The key question now is whether demand can stabilize at these levels or if the metric stays negative through further downside, which would confirm a shift in market structure rather than a fleeting dip.