Following a significant market decline on October 10th due to the US-China trade war, the Bitcoin price has settled around $111,000. The asset’s price is currently down 9.45% on weekly chart and is 12.16% off its all-time high during this correction.
Bitcoin’s apparent demand turns negative for the first time since July
In an Oct. 11 X post, popular market analyst Ali Martinez shared on-chain data showing that apparent demand for Bitcoin recently turned into negative territory for the first time in three months, suggesting that investor appetite is cooling in the short term.
For context, apparent demand measures the net amount of Bitcoin being accumulated by active holders. Simply put, it reflects how much Bitcoin supply is reinvigorated or moved compared to newly created Bitcoin supply. Generally, positive values indicate increased market demand and accumulation, while negative values indicate decreased appetite or selling pressure.
As of October 8, Bitcoin’s 30-day apparent demand has fallen to -13,707 BTC, according to data from on-chain analytics firm CryptoQuant. The development marks the first negative reading since July, when the indicator last turned red before rebounding sharply along with Bitcoin’s summer rally.
From August to September, apparent demand for Bitcoin remained firmly positive even as the price hovered between $108,000 and $122,000, suggesting steady accumulation. But the latest data shows a sharp reversal. A decline into negative territory could mean long-term holders are starting to realize gains, or buying momentum has temporarily slowed as traders assess the macro environment.
Interestingly, the macro environment is also a concern for investors as the US and China appear to be gearing up for a new tariff confrontation. In particular, US President Donald Trump announced plans to impose 100% tariffs on all imports from China, following China’s proposal to introduce comprehensive export taxes on several key items.
Given the history of market price reactions to tariff news early in the Trump administration, investor sentiment is likely to remain depressed if this trade showdown drags on, with many investors likely to remain cautious until clearer policy direction emerges.
Bitcoin price overview
At the time of writing, Bitcoin is trading at $111,800, reflecting a decline of 0.47% over the past 24 hours. On a monthly basis, the asset is down 3.06%, highlighting the intensity of the current market correction.
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