Analysis: There has been a marked improvement in the demand for bitcoin, but structural hoarding has not yet fully absorbed new supplies

On 15 August, according to information sent by CryptoQuant Analyst Darkfost, there has been a marked improvement in the demand for bitcoin, but it is still negative and currently stands at 32,000 BTC. When Bitcoin entered the new disc block of the current round from early June, the requirements were estimated to be -272,000 BTC. This is a positive change, but not yet strong enough. Similar patterns were observed in February and May 2026, after which demand again weakened. This may also be related to a decrease in the average excavation volume, as a fall in the calculation means lower production. This is therefore not yet strong enough to be positive, but this trend deserves close attention。