Bitcoin Demand Turns Positive but Trails Miner Supply

Bitcoin’s supply-demand balance is a key gauge of whether a price rally can be sustained. CryptoQuant’s measure combines demand from spot and perpetual-futures markets and compares it with newly mined supply. When buying fails to absorb miners’ output, additional coins can continue to weigh on the market, suggesting the recovery has yet to produce the scarcity conditions typically associated with a more durable advance.

CryptoQuant data showed aggregate Bitcoin demand across spot and perpetual markets rose to 10,883 tokens over the latest 30-day period, turning positive for the first time in 2026 and marking the year’s strongest reading. That remained below the 13,500 tokens produced by miners over the same period, leaving a shortfall of about 2,617. Retail on-chain transaction demand also approached a two-year high, prompting analysts to warn of a potential near-term market top.