As Bitcoin faces renewed price pressure, concerns are beginning to surface—particularly among short-term holders (STH) now holding unrealized losses.
However, according to CryptoQuant analyst Darkfost, a closer look at demand-side metrics reveals a much more resilient market beneath the surface.
Positive Demand Still Evident in Accumulation Trends
One of the clearest signs of strength lies in what’s referred to as “apparent demand.” This metric compares new BTC issuance to the amount of Bitcoin that has remained untouched for over a year. When the ratio turns negative, it suggests demand is weakening; when it rises above zero, it indicates healthy buying interest.
Currently, this ratio remains firmly in positive territory, with more than 160,000 BTC accumulated over the past 30 days. This signals that demand is not only present—it’s growing.
Accumulator Wallets Show Rising Confidence
Another encouraging signal comes from accumulator addresses, which are wallets that have only acquired BTC and never sold. These wallets are known for strong conviction and long-term intent. Over the past month, these addresses have added approximately 50,000 BTC, underscoring robust and sustained interest even amid market turbulence.
OTC Desks Reveal Supply Drain
From a broader, long-term perspective, the supply of BTC on over-the-counter (OTC) desks has declined sharply. Back in September 2021, OTC desks held around 550,000 BTC. That figure has now fallen to just 145,000 BTC, reflecting reduced availability for large off-exchange transactions and suggesting accumulating interest from institutional players.
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Conclusion: Demand Outlook Remains Positive
Despite the recent price correction, Darkfost sees no major warning signs from demand indicators. Both short-term accumulation and long-term holding trends remain strong, implying that the current volatility is not driven by a collapse in investor confidence. Instead, the data suggests a market still underpinned by steady and deliberate accumulation.
Kosta Gushterov
Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.
