On-chain data says Bitcoin price at $60k is cheap, but buyers are still nervous
Summary
Bitcoin fell below $60,000 as Glassnode data pointed to a demand failure driven by spot selling, six straight weeks of US spot ETF outflows, and a risk-off macro backdrop of a stronger dollar, higher yields, and weaker equities. On-chain signals show real holders reducing exposure, sustained realized losses, and a market regime in structural bear territory. Glassnode’s True Market Mean is about $77,000, while price is near $61,600, making the Realized Price around $53,400 the nearer downside anchor. Recovery hinges on ETF flows stabilizing and BTC absorbing heavy overhead supply at $66,800–$70,700, then $71,400. A small June 23 ETF inflow was an early positive sign, but not yet a trend reversal.
