BlockBeats News, August 6th, CryptoQuant analyst Axel Adler Jr. stated that although Bitcoin rebounded to $64,600, two on-chain indicators have not confirmed an influx of new demand. The Demand/Supply Ratio is -5.43, and the Coin Age Net Flow is -85,500 BTC, both recovering from the July low but still in negative territory. A Demand/Supply Ratio below zero means that the rate of young coin depletion exceeds the new supply issuance, a trend that has lasted for about five months. A negative Coin Age Net Flow indicates that 85,500 BTC moved into the category of holders of over a year in the past 30 days, leading to a continuous contraction of liquidity supply.

The analyst pointed out that the current rebound is mainly supported by the contraction of liquidity supply (aging of coins, long-term holders holding back from selling) and accumulation behavior rather than driven by new demand. A return of both indicators above zero would be a positive sign, and a sustained Demand/Supply Ratio above 1 is needed to confirm a true recovery.