Bitcoin's apparent demand has reached its lowest point since 2026, according to analyst Darkfost. As of May 25, the 30-day sum of Bitcoin demand is nearing -147,000 BTC, a level not seen since December 2025. This decline suggests a continued contraction in spot demand, raising concerns about the sustainability of any rebound driven solely by the futures market. Apparent demand is calculated by subtracting the supply inactive for over a year from newly issued BTC.