A bond and equities sell-off pushed Bitcoin below $77,000 on Sept. 2, with its onchain apparent demand metric turning negative again after a brief August rebound as short-term holders take profits.
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Bitcoin slides below $77K as bond sell-off dents onchain demand
Bitcoin fell 1.02 percent to $76,800 on Sept. 2, breaking below $77,000 as a bond and equities sell-off pushed onchain demand negative.
Darkfost, a pseudonymous analyst who tracks Bitcoin onchain flows, said the apparent demand metric reversed again after a brief recovery in August, with profit-taking by short-term holders — investors who acquired BTC within the past 155 days — outpacing new buying interest. The analyst cautioned that if demand does not recover soon, Bitcoin could face another leg down, potentially revisiting price ranges not seen in recent weeks.
The onchain apparent demand metric estimates the net change in Bitcoin holdings among long-term investors. A negative reading indicates that selling pressure from short-term holders is exceeding new accumulation, often pointing to weakening market momentum. The latest reading follows a period in August when Bitcoin rebounded roughly 30 percent from its lows, though spot volume during that recovery hit a three-year low, according to data cited by BitcoinWorld. Notably, the number of Bitcoin wallets holding at least $1 million surged by 11,636 in August as large holders returned, yet that accumulation has not been enough to offset short-term selling pressure.
The macro backdrop is dominated by a bond market sell-off that has pushed yields higher and pressured equities, creating risk-off conditions that typically weigh on speculative assets. Rising bond yields threaten to push up US borrowing costs, according to analysts cited by MSN. Bitcoin, which has increasingly traded in correlation with risk assets, has not been immune to this dynamic.
Bitcoin's total market capitalization stands at $2.68 trillion, down 1.05 percent in the past 24 hours, while BTC dominance sits at 57.35 percent, according to CryptoRank data. Ethereum dominance is 10.84 percent. Total 24-hour spot volume across the market reached $33.3 billion, down 2.91 percent.
For traders, the key question is whether Bitcoin can hold its current support zone near $77,000 and whether the apparent demand metric shows signs of improvement in the coming days. A sustained recovery in demand could indicate that selling pressure is exhausting, while continued negative readings might confirm a deeper correction. Onchain metrics should be weighed alongside technical analysis, trading volumes, and macroeconomic data releases that could influence liquidity conditions.
This article is for informational purposes only and does not constitute investment advice.
[1] Bitcoin's apparent demand turns negative as price struggles with $77K[2] Bitcoin demand turns negative again: analyst warns of further downside if weakness persists[3] Bond market sell-off: What fixed-income investors can do to protect their money without panicking[4] Rising bond yields threaten to push up U.S. borrowing costs, experts say[5] United States
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