Bitcoin Price Slips Amid Broader Risk-Off Mood and Negative Demand Signals

Bitcoin's price struggles continued on Wednesday, with the cryptocurrency slipping to local lows near $76,400 before recovering to around $77,000. According to CoinGecko, this retreat came as broader risk assets weakened in Asia and as the US fixed-income backdrop remained fragile.

CryptoQuant data suggests that the selloff wasn't solely a momentum move, Bitcoin's 'apparent demand' indicator turned negative again following outflows from US spot Bitcoin exchange-traded funds (ETFs) reported the day prior.

The recent leg down in BTC followed US spot Bitcoin ETF outflows of $236 million, with CryptoQuant data indicating that Bitcoin's apparent demand measure has moved back into negative territory after a brief reprieve during the August rally.