PANews reported on May 25th that CryptoQuant analyst Darkfost published an analysis on the X platform stating that Bitcoin's apparent demand has fallen to its most bearish level since the beginning of the year, estimated to be close to -147,000 BTC. The last time such pessimistic market sentiment was seen was in December 2025. Apparent demand is calculated as the difference between newly issued Bitcoins and the supply that has not moved for more than a year, used to measure whether structural accumulation is sufficient to absorb new supply on the network. This development indicates that demand continues to shrink, and without a substantial recovery in spot demand, momentum driven solely by the futures market is unlikely to sustain a sustained rise. Futures can support short-term momentum and amplify price volatility, but sustained bullish phases typically require genuine spot demand. However, the analyst points out that this environment has historically created opportunities for patient long-term investors.