Bitcoin sold off to a local low of $76,400 during early European trading hours on Wednesday before recovering to $77,000, according to CoinGecko data.
The move came after US spot Bitcoin exchange-traded funds recorded outflows of $236 million the previous day. Bitcoin's apparent demand indicator has turned negative once again following a brief period of positive readings during August.
What Is Apparent Demand?
The apparent demand metric, adapted from commodity market indicators, measures the difference between newly mined Bitcoin issuance and changes in inactive supply. Positive readings suggest older coins are returning to circulation and being absorbed alongside new issuance, indicating active spot demand. Negative readings indicate coins are entering dormancy faster than miners release new supply.
At the time of reporting, Bitcoin remained below a cluster of resistance levels that have been previously identified.
Broader Market Pressures
Bitcoin's decline occurred amid significant weakness across global markets. The US 10-year Treasury yield briefly dipped below 4.8% as the bond market rout eased slightly from earlier in the week. In the foreign exchange markets, the USD/JPY pair experienced sharp inorganic price action at 13:00 UTC, declining to 158.5 from the psychological 160 level, with market commentators widely interpreting this as a potential central bank intervention by the Bank of Japan, though no official announcement was made.
Asian equities suffered steep declines across the region. South Korea's KOSPI fell 4.0% to 6,562.72, with semiconductor stocks including SK Hynix and Samsung Electronics each declining around 4% to 4.7%. Japan's Nikkei 225 dropped 2.9% to 64,325.64, weighed down by technology heavyweights such as SoftBank Group. Taiwan's TAIEX also declined 1.7%.
