Bitcoin Nears Bottom, Yet Demand Wanes

Bitcoin slipped below $60, 000 for the first time this year, drawing close to its realized price—the average cost of all holders—which sits near $53, 600. Analysts see this as a classic sign that the market might be finding its low point. However, the drop in price is not matched by a rise in buying interest. Recent data shows that Bitcoin‑related ETFs have pulled out more than $4. 8 billion, a clear signal that investors are moving money elsewhere. This outflow is part of a larger pattern: on‑chain and derivatives data point to a shrinking base of speculators and spot buyers.The firm CryptoQuant highlights that the current supply of Bitcoin is higher than ever, with many holders still holding onto losses. For a stable rebound to happen, those losses would need to accelerate so that the excess supply can be absorbed. Even though Bitcoin has bounced back from its low, the overall demand environment remains weak. The market has not yet reached a point of capitulation—where sellers dominate—but the lack of new buyers makes a sharp recovery unlikely in the near future. Bitcoin’s price has fallen 6. 6% over the past week and sits roughly half of its all‑time high, showing how much distance remains before the market could regain full strength.