The Bitcoin (BTC) apparent demand has dropped to its lowest level in 30 days, signaling a capitulation of long-term investors as of April 6.

On April 5, the Bitcoin Apparent Demand (30-day sum), a tool that shows the difference between newly mined supply entering circulation and coins that have sat dormant for over a year, dropped to its lowest level in four weeks of about -87,592.6 BTC, according to analytics from CryptoQuant.

For comparison, the metric registered approximately -15,099 BTC on March 5, representing a deterioration of roughly 5.8 times over the 30-day period. The deepening negative reading indicates that long-term holders are reactivating coins at an accelerating rate, adding supply-side pressure that current spot demand has struggled to absorb.

Why is Bitcoin price rebounding amid low apparent demand?

Despite the 30-day apparent demand for Bitcoin falling to its lowest level in the past two days, BTC price gained 3.54% over the past 24 hours to trade at $69,230 at press time. Additionally, the flagship coin has climbed 2.17% over the past 30 days, suggesting a stronger force is driving the price higher amid low demand from long-term investors.

The main reason why the BTC price surged in the recent past, despite low apparent demand, was the rising leverage market. Specifically, a surge in BTC Open Interest (OI)—which measures the total value of active contracts held by Bitcoin traders across all exchanges—occurred in the past three days, increasing from $21.12 billion to about $22.82 billion at the time of reporting, according to metrics from CryptoQuant.

What’s next for the BTC price?

With apparent demand at a four-week low and Open Interest continuing to expand, the current rally warrants caution. Leverage-fueled price moves are historically vulnerable to sharp reversals when positions unwind, and on-chain analyst JA_Maartun has flagged an elevated probability of a market reversal under current conditions.

Without a recovery in spot demand, the recent BTC price gains lack a strong structural foundation. This leaves the market at risk of a rapid deleveraging event if trader sentiment shifts, as price increases driven by leverage alone are not sustainable.

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