Bitcoin's apparent demand continues to show weakness, remaining in negative territory despite recent price rebounds. As of April 30, the BTC Apparent Demand / Demand 30 Days Change was -44.77K BTC, with a 30-day SMA near -57.29K BTC. Key market cohorts, particularly those holding over 10K BTC and between 1K to 10K BTC, have not shown synchronized accumulation, with declines of -0.46% and -0.54% respectively over 60 days. While the 100 to 1K BTC cohort has seen a slight increase of +0.95%, this does not offset the overall lack of demand from larger holders. The market structure remains fragile, as the absence of broad and synchronized demand from high-impact groups suggests that any price rebound lacks a solid foundation. The futures market continues to dominate price formation, maintaining a dominance close to 90%.