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Bitcoin remains under pressure around $77,000

Bitcoin slid to as low as $76,400 in early European trading on Wednesday after fresh selling hit the market. Although the price later moved back above $77,000, it remained below the resistance zone flagged earlier.

One of the main headlines after the pullback was the $236 million in net outflows from U.S. spot Bitcoin ETF products seen a day earlier. The move came at the same time as data pointed to weaker demand on the spot side.

  • U.S. spot Bitcoin ETFs recorded net outflows.
  • BTC failed to break through the resistance zone despite a brief rebound.
  • A deterioration in global risk appetite also weighed on crypto assets.

CryptoQuant indicator points to negative demand again

What does the visible demand metric measure?

According to CryptoQuant data, Bitcoin's "visible demand" indicator has returned to negative territory after a brief easing during August's rally. The metric, inspired by similar measures used in commodity markets, tracks the gap between newly created supply and changes in dormant supply.

Positive visible demand suggests the market is able to absorb older coins as they move again, alongside fresh mining output. A negative reading indicates coins are becoming dormant again faster than miners are producing them, suggesting spot demand remains weak.

Volatility in global markets hit risk assets

Moves picked up in bonds, FX and Asian stocks

In the broader market picture, the wave of global bond selling seen earlier in the week eased somewhat. The U.S. 10-year Treasury yield briefly slipped below 4.8%.

Around 13:00 UTC the same day, unusual price action was seen in USD/JPY. After approaching the 160 level, the pair dropped to 158.5, with traders interpreting the move as a possible sign of fresh central bank intervention; however, no official statement was made.

Sharp declines were also seen in Asian equities. The KOSPI fell 4.0%, while SK Hynix and Samsung Electronics dropped 4% and 4.7%, respectively. Japan's Nikkei 225 lost 2.9%, and Taiwan's TAIEX declined 1.7%. Rising oil prices and continued profit-taking in artificial intelligence stocks were among the main factors weighing on risk appetite.

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