Bitcoin onchain demand indicator turns negative

VERA Brief

AI-generated. Grounded in the article and its cited sources.

A key onchain demand metric for Bitcoin has turned negative again, after a brief positive period in August. This comes as Bitcoin's price is under pressure below $77,000, within a broader market sell-off.

Key facts

• A key onchain demand metric for Bitcoin has registered a negative reading.
• This metric had previously shown positive signs in August.
• The negative reading coincides with Bitcoin's price falling below $77,000.
• The price movement is happening amid a sell-off in bonds and equities.
• The implications for Bitcoin's market valuation metrics require ongoing observation.