Bitcoin demand turns negative as BTC slips below $77,000
Bitcoin price weakens as ETF outflows and negative demand pressure the market Track the latest move and see what it may mean for crypto traders today
Bitcoin fell to a local low near $76,400 in early European trading on Wednesday before recovering above $77,000, according to market data. The move came after US spot Bitcoin ETFs posted $236 million in outflows the previous day.
Onchain data from CryptoQuant showed Bitcoin’s apparent demand turning negative again after a short rebound in August. The metric compares newly mined supply with changes in dormant coins, and a negative reading suggests the market is absorbing less new supply than before.
The wider market also faced pressure. US bond yields eased slightly after a recent selloff, while the yen moved sharply against the dollar amid speculation of possible intervention. Asian equities dropped, with South Korea’s KOSPI and Japan’s Nikkei 225 both posting notable losses.