Bitcoin’s stall around $63,000 exposes how weak its buyers have become amid record high S&P 500
The S&P 500 hit a record while Bitcoin stayed near $63,347, just above Glassnode’s $63,000 Median Realized Price, a key cost-basis level that has repeatedly held for more than a month. Macro conditions were supportive for risk assets: producer prices were flat, Treasury yields and Brent crude fell, and stocks advanced. But Bitcoin is showing weak relative demand, not a clear rotation from stocks. Glassnode describes a late-stage demand drought: seller exhaustion is high, exchange inflows have faded, realized profits are limited, spot volume is at its lowest since 2019, and visible buy-order depth has dropped sharply. US spot Bitcoin ETFs also had $61.1 million in net outflows after only modest inflows the prior day, suggesting institutional demand remains insufficient. With thin liquidity and elevated futures leverage, a decisive break below $63,000 could trigger forced selling and expose $58,500, while recovery would require reclaiming $68,700 with stronger volume and sustained ETF inflows.
