Bitcoin prices are consolidating around $111,000 after heavy market losses on October 10 due to a trade war between the US and China. The asset’s price is currently down 9.45% from the weekly chart and also 12.16% away from its all-time high during this corrective phase.
Bitcoin records first negative apparent demand turnaround since July
In one X message On October 11, popular market analyst Ali Martinez shared on-chain data showing that Bitcoin’s apparent demand recently turned negative for the first time in three months, indicating that investor appetite has cooled in the short term.
For context, apparent demand measures the net amount of Bitcoin accumulated by active holders. In simpler terms, it reflects how much of the Bitcoin supply is reactivated or moved relative to how much is newly created. A positive value generally indicates growing market demand and accumulation, while a negative value indicates reduced appetite or selling pressure.
Data from on-chain analytics firm CryptoQuant shows that as of October 8, Bitcoin’s 30-day apparent demand has fallen to -13,707 BTC. The development marks the first negative reading since July, when the benchmark last turned red before rebounding strongly alongside Bitcoin’s summer rally.
Throughout August and September, apparent demand for Bitcoin remained solidly positive even as prices hovered between $108,000 and $122,000, indicating steady accumulation. However, the latest data shows a sharp reversal. The drop into negative territory could mean that long-term investors have started realizing gains or that buying momentum has temporarily waned as traders assess the macro environment.
Interestingly, the macro environment has also become a growing concern for investors as the United States and China appear poised for a renewed tariff standoff. Notably, US President Donald Trump has announced plans to impose a 100% tariff on all Chinese imports, following China’s proposal to impose a sweeping export tax on several key goods.
Given the historic reaction of market prices to tariff news from the early days of the Trump administration, investor sentiment could remain subdued if this trade dispute continues, with many likely taking a cautious stance until clearer policy direction emerges.
Bitcoin price overview
At the time of writing, Bitcoin is trading at $111,800, reflecting a decline of 0.47% in the past 24 hours. On a monthly basis, the asset is down 3.06%, underscoring the intensity of the current corrective phase in the market.
Related reading: Dogecoin price ticks IMB zone – what this means and where the price is headed