Bitcoin’s apparent demand metric turned negative again around September 1, 2026, ending a brief improvement in August. Retail investors, particularly those holding under 10 BTC, are selling their holdings at historically elevated rates, with an accumulation trend score of -0.982. The indicator remained negative for 208 consecutive days through June 26, with lows dropping to approximately -273,000 BTC. US spot Bitcoin ETFs are experiencing significant capital outflows, while the Coinbase Premium Index, a gauge of US institutional demand, has been negative for 78 consecutive days. Whales show more nuanced behavior but not consistently enough to offset the combined selling pressure from retail investors and ETF outflows.
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