Bitcoin’s apparent demand turns negative as price struggles with $77K
One of Bitcoin’s onchain demand indicators turns negative again after a brief August rebound, as BTC price slipped below $77,000 amid a broader bond and equities sell-off.
Bitcoin (BTC) sold off into the early European trading hours on Wednesday to hit local lows of $76,400, per data from CoinGecko.
Key points:
The move in BTC came after US spot Bitcoin exchange-traded funds (ETFs) recorded outflows of $236 million the day prior. Data from CryptoQuant now shows Bitcoin’s apparent demand turning negative once more after a brief reprieve during the August rally.