Bitcoin’s post-halving demand stays weak in 2026, challenging the 4-year BTC cycle narrative

Bitcoin’s post-halving cycle is diverging from prior expansions as demand remains weak while liquidity slows. Apparent Demand stayed negative for much of 2026 and fell to nearly -147,000 BTC in May. Market signals also point to reduced speculative excess, even as Bitcoin trades around $64,365. The next move may hinge more on a renewed pickup in demand than on the traditional four-year cycle timing.