CryptoQuant Reports Falling Demand as Bitcoin Approaches Bear Market Bottom
CryptoQuant reports that Bitcoin's price decline has brought it closer to its realized price, typically a key indicator of market bottoms. However, demand from investors is waning, highlighted by significant outflows from Bitcoin exchange-traded funds (ETFs), as detailed by Decrypt.
In a recent report, CryptoQuant indicates that Bitcoin's price is moving closer to its realized price, which is the average cost basis for all market participants. Last week, Bitcoin fell below $60,000 for the first time since 2024, marking a critical structural point that has historically aligned with market bottoms.
CryptoQuant estimates that the realized price currently sits at approximately $53,600, which is about 13% lower than Bitcoin's trading price of around $61,680. The report emphasizes that Bitcoin has typically moved to a bottom near or marginally below this realized price during previous bear cycles. For instance, in November 2022, a significant dip caused by the FTX collapse briefly penetrated this level before a recovery occurred.
Despite Bitcoin's recent price fluctuations, CryptoQuant expresses skepticism regarding demand's capacity to support a price rebound in the near future. "A confirmed bear-market bottom or bullish reversal may still take time to develop," the report states, noting an accelerating contraction in both speculative and apparent spot demand based on on-chain and derivatives data.
According to the analysis, the current week has seen the most extreme demand destruction since January 2022, indicating that there are significantly fewer buyers compared to the previous year. This reduction in demand is deemed essential for any potential price recovery.
Particularly noteworthy are the considerable outflows from Bitcoin ETFs, described as a "categorical reversal" in demand. The report highlights that there has been only a single day of inflow for spot Bitcoin ETFs since May 14, reinforcing concerns regarding the liquidity and demand for Bitcoin as investors appear to rotate capital away from the asset. Michael Saylor, a prominent Bitcoin advocate, echoed these sentiments by describing the movements as "capital rotation, not a Bitcoin impairment."
Summary based on original reporting by Logan Hitchcock at Decrypt, originally published Jun 10, 2026. SolanaWire does not republish source content.
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