Bitcoin · Bitcoin ETF · CryptoSlate
On-chain data confirms Bitcoin price at $60k is cheap, but buyers are still nervous
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Last night, Bitcoin price was trading at $59,537, down through the $60,000 level that had been the market's line in the sand and nearly $18,000 below its late-May peak of $77,623.
Key facts
- That pace includes the largest single-day redemption of 2026, when BlackRock's IBIT alone shed $388 million on June 2
- Last night, Bitcoin price was trading at $59,537, down through the $60,000 level that had been the market's line in the sand and nearly $18,000 below its late-May peak of $77,623
- That loss-dominant environment pulls Bitcoin's center of gravity toward the Realized Price near $53,400, well below the True Market Mean at $77,000, making the downside reference point the more
- Above $71,400, the True Market Mean at $77,000 is the regime threshold, the level at which Glassnode's structural bear reading would require revision
Summary
01 Bitcoin slipped to $59,537 below $60,000, though it later recovered to about $61,600 by press time. 02 Glassnode says spot selling, six weeks of ETF outflows, and stronger macro headwinds are suppressing demand. 03 Recovery now depends on absorbing $66,800-$70,700 overhead supply and proving buyers can hold above $71,400. Glassnode's on-chain data frames the move as a demand failure, with spot markets leading the selling, ETF investors pulling capital across six consecutive weeks of outflows, and a stronger dollar and rising yields keeping buyers on the sidelines.