Bitcoin Spot Demand Remains Weak, Minor Pullback Possible

CryptoQuant analyst Darkfost observed that Bitcoin's apparent demand is still negative, indicating weak spot demand. As of October 1, the metric stands at -112,500 BTC, a slight improvement from -207,000 BTC on September 20. However, this improvement may be due to ETFs increasing their holdings by approximately 28,000 BTC during this period.

Darkfost suggests that a minor pullback in Bitcoin cannot be ruled out as the market seeks genuine buying interest. He believes that apparent demand is calculated as the difference between newly issued BTC and supply that has been inactive for over a year.