Apparent demand for Bitcoin (BTC) has hit the lowest level in 2025, dropping down into negative territory, as traders and investors take a cautious approach to risk-on assets due to macroeconomic uncertainty.
According to CryptoQuant’s Bitcoin Apparent Demand metric, demand for Bitcoin has dropped down to a negative 142 on March 13.
Bitcoin’s apparent demand has been positive since September 2024, peaking around December 2024 before beginning the slow descent back down.
However, demand levels stayed positive until the beginning of March 2025 and have continued to decline since that point.
Fears of a prolonged trade war, geopolitical tensions, and stubbornly high inflation, which is cooling but is nevertheless above the Federal Reserve’s 2% target, are causing traders to take a step back from riskier assets and into safe havens such as cash and government securities.
Bitcoin apparent demand.