Bitcoin Is Getting Closer to the Bottom, But Demand Is Falling: CryptoQuant
Bitcoin slipped below $60,000, but a durable bottom may not be in yet because demand remains weak. CryptoQuant says Bitcoin’s realized price, a key bear-market benchmark, is about $53,600; BTC has often bottomed near or below that level in past cycles. Even so, current on-chain and derivatives data show shrinking speculative and spot demand, with the sharpest weekly demand destruction since January 2022. The firm points to ETF outflows as a major sign of capital leaving BTC: spot Bitcoin ETFs have seen only one inflow day since May 14, producing more than $4.8 billion in outflows. Despite the selloff, CryptoQuant says holders have not fully capitulated, and more realized losses may be needed before a durable recovery can begin. Bitcoin is down 6.6% over the past week and remains 51% below its all-time high.
