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CryptoQuant: Bitcoin is approaching the valuation bottom range, but shrinking demand indicates the bottom has not yet been confirmed
Deep Tide TechFlow News, June 11th, CryptoQuant released the latest report indicating that Bitcoin has fallen to a new low of $59,000 in this bear market, currently only 9% above the realized price of $53,600. From a valuation perspective, it is close to the bottom range of previous bear markets. However, CryptoQuant pointed out that the current bottom has not yet been confirmed. Last week, Bitcoin's total demand dropped to a negative 652,000 BTC, the largest contraction since January 2022; the one-year apparent spot demand growth also turned negative and fell to its weakest level since February 2024.
Meanwhile, ETF purchase demand experienced the fastest contraction since its launch in January 2024, with the 30-day ETF demand growth hitting the lowest point in history. The report also stated that in the past 30 days, realized losses amounted to 187,000 BTC, which has not yet reached the level of a historic sell-off.