Bitcoin Approaches $53.6K Realized Price Support as ETF Demand Fades

BTC2.43%
According to CryptoQuant, Bitcoin fell below $60,000 last week for the first time since 2024, moving closer to its realized price—the average cost basis for all market participants—which the firm estimates at around $53,600. Historically, Bitcoin has bottomed at or near the realized price during major bear cycles, yet this time demand is fading. Spot Bitcoin ETFs have seen significant outflows totaling $4.8 billion since May 14, with only one day of inflows during that period, indicating a severe contraction in buyer demand. CryptoQuant noted the weekly demand destruction reached its most severe level since January 2022, suggesting a confirmed bottom may require more time to develop.
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments