Bitcoin's Demand Has Been Negative for 208 Days and Miners Are Still Selling 🤔

Bitcoin's apparent demand has remained negative for 208 days, according to analyst Ali Martinez in a post on X. The metric, which compares spot demand against supply from new miner production and coins moving onto exchanges, has signaled that selling pressure continues to outweigh buying interest. On June 24, $700 million worth of long positions were liquidated across the crypto market after a BTC sell-off pushed the leading cryptocurrency below $60,000. The Coinbase Premium Index has stayed negative for over a month, reflecting weak demand from U.S. investors, while sustained spot ETF outflows pointed to a lack of confidence as price action weakened.

AMBCrypto reported that Bitcoin's open interest has fallen from its 2025 peaks, though volatility remains elevated. Crypto analyst Axel Adler Jr. noted that net realized P/L has been in negative territory for five months, a metric that uses the difference between realized profit and loss along with a 90-day moving average to smooth the data. The continuous state of realized losses in 2026 mirrors conditions seen in mid-2022, both periods widely associated with bear market cycles.

On-chain data cited by CryptoQuant analyst PelinayPA traced the build-up to earlier in the year. The Miner's Position Index had been climbing from March through June and stood at -0.15, showing that miners have been moving relatively more coins onto exchanges even as the reading remained negative. Increased Miner to Exchange flows during the same window confirmed that more supply was being prepared for sale. The realized price of $53,888, representing the average cost basis for BTC, now sits as a key support level and the next price target for market participants watching the tape.