Bitcoin's feeling the heat again: price just dipped below $77,000, and one of BTC’s on-chain demand indicators has slipped back into negative territory after a quick August bounce. The move comes as stocks and bonds face a broad sell-off, ramping up risk-off sentiment across crypto.

On-chain demand back in the red

Bitcoin’s on-chain demand signal flipped negative again after a short-lived recovery in August. Usually, this kind of reversal signals weaker demand flowing into the network and makes BTC’s price more sensitive to outside shocks. The exact metric isn’t disclosed, but the trend points to traders getting more risk-averse right now.

BTC loses $77,000 as markets sell off

Breaking below $77,000 lined up with a bigger drop in both bond and equity markets. As the selling pressure ramps up in stocks and bonds, investors are cutting back on riskier bets—showing up in BTC’s recent moves.

What this means for the market

With on-chain demand looking weak and traditional markets under pressure, the mood is cautious. That means we could see more short-term volatility, with traders jumping on macro headlines. Still, on-chain signals can flip just as fast as they turn negative, so everyone’s watching key price levels and what’s next for network metrics.