Bitcoin Demand Turns Negative as BTC/USD Struggles Below $77K

Bitcoin's slide below the $77,000 mark has coincided with a troubling shift in onchain data. One of the market's core apparent demand indicators has turned negative for the second time this year, reversing the brief recovery seen in August. This metric tracks the balance between coins being absorbed by long-term holders versus those hitting exchanges for sale.

The deterioration in demand comes against a backdrop of a broader risk-off rotation, with bonds and equities selling off in tandem. BTC/USD has historically shown high correlation with macro liquidity conditions, and the current pullback suggests traders are reducing exposure across asset classes rather than rotating purely within crypto.

Unless demand metrics stabilize, $77,000 could act as a pivot rather than a floor, with further downside pressure likely if selling persists into the next data cycle.