CryptoQuant research director Julio Moreno said in a report by CoinWorld that Bitcoin’s potential bottom could be around $53,600. This level corresponds to the current realized price and has repeatedly come close to bear-market bottom areas historically, but that does not mean Bitcoin will necessarily fall to that level. For now, it should only be viewed as a “valuation-bottom candidate,” not a confirmation of the cycle bottom. CryptoQuant believes that Bitcoin demand remains “deeply unfavorable.” Last week, total demand fell by 652,000 BTC, marking the largest single-week contraction since January 2022. The 30-day ETF demand growth then narrowed to -74,000 BTC, the weakest level since the launch of U.S. spot Bitcoin ETFs. In addition, realized losses by holders over the past 30 days were 187,000 BTC, still below levels seen during historical capitulation phases.

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GateUser-28f37882
· 4h ago
Moreno is quite conservative, emphasizing the words 'candidate', don't rush to go all in.
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BluePeonyObserver
· 4h ago
It’s really unexpected that ETF demand has turned negative—institutions are rushing out, and retail investors are still hoping to buy all the way down.
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0xCouchPilot
· 4h ago
Only 187,000 loss coins—nothing close to a bloodbath. The bottom still has to wait.
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RiskOffRina
· 4h ago
Has the realized price bottomed out? Back in 2022, it was much worse than now; now it's at most considered halftime.
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AirdropSideQuest
· 4h ago
The number 53,600 looks familiar; during previous bear markets, it indeed hovered around this level to bottom out, but this time the demand data looks too bad.
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