Bitcoin Price Struggles at $77K as Demand Turns Negative

Bitcoin's price struggled to break through the $77K barrier on Wednesday, hitting a local low of $76,400 before rebounding. The move came after US spot Bitcoin exchange-traded funds (ETFs) recorded outflows of $236 million the day prior.

Data from CryptoQuant showed that Bitcoin's apparent demand turned negative once more, following a brief reprieve during the August rally. This indicator measures the difference between newly mined issuance and changes in inactive supply, with positive readings suggesting active spot demand.

The global bond rout eased slightly as the US 10-year yield briefly dipped below 4.8%, but Asian equities suffered steep declines, likely driven by soaring oil prices and further profit-taking in the AI sector. The USD/JPY pair also experienced sharp price action, declining to 158.5 after a possible central bank intervention.