Woofun AI data shows that Bitcoin's Apparent Demand has remained negative for most of the year, signaling weak market conditions. The metric hit a year-to-date low of -275,000 BTC on June 3rd but has since recovered to approximately -75,000 BTC.

This indicator measures the difference between newly issued BTC and supply unmoved for over a year. Although long-term holder accumulation has improved, the figure has not yet turned positive, meaning current demand is insufficient to sustain a new bull market.