Bitcoin · Bitcoin ETF · Decrypt
Bitcoin Is Getting Closer to the Bottom, But Demand Is Falling: CryptoQuant
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
◎ Multiple-sources
As Bitcoin fell below $60,000 last week for the first time since 2024, it may have moved closer to finding a bear market bottom—but there is not enough demand to sustain price growth, according to a new report from analytics firm CryptoQuant.
Key facts
- Bitcoin has fallen 6.6% in the last week and is now 51% off its all-time high mark of $126,080
- Spot Bitcoin ETFs have only had one day of inflows since May 14, resulting in more than $4.8 billion in total outflows during that span, per data from Farside Investors
- As Bitcoin fell below $60,000 last week for the first time since 2024, it may have moved closer to finding a bear market bottom removing the demand foundation required to sustain any price recovery
- The firm pointed to the significant ETF outflows, which it deems a “categorical reversal,” as a highlight of the demand withdrawal
Summary
Bitcoin moved closer to its realized price, or the average cost basis, for market participants last week as it fell below $60,000. The marker has typically been a key structural point for market bottoms, CryptoQuant said. However, demand is fading and not ready to support price growth, highlighted by significant outflows from Bitcoin ETFs. As Bitcoin fell below $60,000 last week for the first time since 2024, it may have moved closer to finding a bear market bottom removing the demand foundation required to sustain any price recovery,” it wrote. The firm pointed to the significant ETF outflows, which it deems a “categorical reversal,” as a highlight of the demand withdrawal.