Apparent demand is the difference between production and changes in inventory. For #Bitcoin, production refers to mining issuance, while inventory refers to the supply inactive for over a year. If the decrease in inventory exceeds production, demand is increasing, and vice versa. This metric is widely used across industries, including consumer goods and raw materials. Our Head of Research @jjcmoreno, often used it to calculate aluminum demand during his 10 years as an industry analyst before joining @cryptoquant_com.