Bitcoin Price Back At $63,000 Despite 1.2 Million BTC Absorption
Bitcoin has fallen back to about $63,200 after dropping from above $81,000, even though institutional buying has been heavy since it last traded near $63,000 in March 2024. Spot ETFs have absorbed about 509,102 BTC and Strategy has added about 650,706 BTC, together exceeding Satoshi’s estimated 1 million BTC stack. Despite this large accumulation, price is back at the same level, suggesting strong selling pressure. CryptoQuant’s Ki Young Ju says the next key level may be Bitcoin’s Realized Price, now around $53,800, which reflects the average network cost basis. Bitcoin is still well above that level, but past bear markets typically ended only after price fell below it. The current move raises the question of whether BTC will hold above Realized Price or revisit it.
