Bitcoin’s apparent demand remains negative at 112,500 BTC, indicating that newly issued supply is not yet being fully absorbed by long-term holding and accumulation, on-chain analyst Darkfost said on X. The reading has improved by about 94,500 BTC from negative 207,000 BTC on Sept. 20, while Bitcoin ETFs absorbed about 28,000 BTC during the period. Darkfost said spot buying remains difficult to characterize as strong and that Bitcoin could face a further pullback as the market searches for genuine demand. Apparent demand compares newly issued Bitcoin with changes in supply that has remained unmoved for more than one year, helping indicate whether structural buying can absorb new issuance.