On-chain data from May 1, 2026, reveals Bitcoin demand remains weak despite a nearly 30% price rebound since late February. Net demand sits at -44,700 BTC, indicating accumulation is insufficient to support a sustained rally. Analysts note early stabilization signs, but the market remains fragile without stronger buyer absorption. A potential rotation of institutional capital from gold ETFs could strengthen Bitcoin demand if key resistance levels are broken.
Data from CryptoQuant shows Bitcoin demand remains weak as of May 1, 2026. The BTC price has risen nearly 28.5% since late February despite this negative backdrop.
On-chain metrics reveal net demand is negative at -44,700 BTC. This suggests accumulation is still insufficient to support a sustained rally.
Weekly on-chain demand decreased from -89,000 BTC in early April. Demand appears to be bottoming out but has not reached levels required for a long-term rally.
Demand has remained negative for most of 2026. Currently, there is no evidence to suggest this structural trend will change.
Jurrien Timmer noted Bitcoin has begun to outperform gold and other commodities. He stated that “the Sharpe Ratio of Bitcoin is improving.”
If investors rotate capital from gold ETFs into Bitcoin, a subsequent strengthening in demand may occur. However, current on-chain accumulation levels are too low to validate a bull trend reversal.
The disparity between macro strength and weak on-chain demand creates an uncertain outlook. Until demand improves, recent price appreciation remains fragile and susceptible to reversal.
