Woofun AI data shows that Bitcoin apparent demand reached a record low of minus 273,000 BTC, marking the weakest level of the current cycle. This metric has remained below zero for 208 consecutive days, indicating that selling pressure from older coins returning to circulation exceeds fresh spot market absorption. Previous recovery attempts in February, March, and May failed to turn the indicator positive, with values ranging between zero and minus 150,000 BTC during November 2025 and May 2026.

Bitcoin traded at lower levels after a 2.93% daily decline, experiencing sharp selling pressure that briefly dipped prices to $58,500 from around $61,500. Buyers swiftly defended support, bouncing the price back to the $59,000-$59,500 area and later retesting $58,500 before recovering toward the $60,000 threshold. Despite falling prices, open interest-weighted funding rates remained mostly positive from late October through early June, suggesting traders maintained leveraged long positions even as genuine spot demand lagged behind leverage growth.