Bitcoin Stalls at $77K Amid Negative Demand Indicator
Bitcoin's price struggled to reach $77K on Wednesday, plummeting to a local low of $76,400 before recovering. This 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, despite a brief reprieve during the August rally.
The indicator measures the difference between newly mined issuance and changes in inactive supply. Positive demand implies active spot demand, while negative readings mean coins are aging into dormancy faster than miners issue them.