Bitcoin Slips Below $76K as Apparent Demand Turns Negative

Bitcoin's price struggled to stay above $77K on Wednesday, selling off into early European trading hours to hit local lows of $76,400. This move came after US spot Bitcoin exchange-traded funds (ETFs) recorded outflows of $236 million the day prior.

Data from CryptoQuant shows that Bitcoin's apparent demand has flipped negative again, a trend seen before during the August rally. The indicator measures the difference between newly mined issuance and changes in inactive supply, with positive readings indicating active spot demand.

At the time of writing, BTC had reclaimed $77,000, but remains pinned under resistance levels. Meanwhile, global bonds saw a slight reprieve as the US 10-year yield briefly dipped below 4.8%, though Asian equities suffered steep declines due to soaring oil prices and profit-taking in the AI sector.

South Korea's KOSPI led the decline with a 4.0% drop, while Japan's Nikkei 225 fell 2.9%. Taiwan's TAIEX rounded out the losses with a 1.7% drop. The recent sell-off is attributed to the ongoing global bond rout and central bank interventions.