Demand contraction + ETF outflows, this wave of bottom candidates will probably need to be candidates for a while longer. Don't rush to go all-in just yet.

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.