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A key onchain demand indicator for Bitcoin ($BTC) has turned negative again, erasing a brief rebound that formed through August. BTC price slipped below $77,000 amid a sell-off that swept across bonds and equities.
The case for concern is in the order of events. August had offered a tentative signal: the apparent demand metric recovered, if briefly, before reversing course.
What's changed is that the reversal has now arrived alongside deteriorating macro conditions, which raises the question of whether Bitcoin's demand base was propped up by broader risk appetite all along rather than genuine accumulation.
Price has followed the metric lower, with BTC failing to hold $77,000 as equities and bonds sold off together. The counterargument deserves its own treatment.
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