CryptoQuant Sees Possible Bitcoin Bottom at $53,600 as Demand Recovery Lags

Bitcoin could form a bottom near $53,600, but weak market demand means it is too early to call a broader bullish reversal, according to CryptoQuant.

The Block reported on June 10 that Julio Moreno, CryptoQuant's head of research, wrote in a report that Bitcoin's realized price is currently about $53,600. Historically, major bear-market bottoms have formed near or below that level.

Realized price is an on-chain metric that reflects the average purchase price of market participants. Moreno wrote that this does not necessarily mean Bitcoin will fall to that level, but it remains a plausible scenario given continued weakness in demand.

Bitcoin fell to $59,000 last week, the lowest point of the current cycle. That is about 9% above its realized price. It has since rebounded and was trading around $62,000.

Demand indicators are still flashing negative signals. CryptoQuant said total Bitcoin demand, which combines speculative demand in the futures market and spot demand, fell by 652,000 BTC last week. That was the largest weekly decline since January 2022.

Institutional demand is also weakening. The 30-day change in demand for US spot Bitcoin exchange-traded funds dropped to negative 74,000 BTC, the lowest level since the funds launched in January 2024. Moreno said the ETFs are now contributing to rising supply rather than absorbing selling pressure.

Bitcoin may be nearing a bottom in price terms, Moreno wrote, but a recovery in demand is essential for a return to a bull market. Until ETF inflows recover and demand stabilizes, the current price range should be viewed as a potential value support zone rather than a confirmed bottom.