BTC trades 9% above its realized price of $53,600, but ETF demand drops at the fastest pace since January, raising concerns.
Bitcoin remains near $63,000, but onchain data indicates weakening demand, particularly from ETFs. The cryptocurrency is only 9% above its realized price of $53,600, a level historically tied to bear-market floors.
Total bitcoin demand fell by 1.2 million BTC last week, the steepest decline since January 2022. ETF demand is also shrinking at the fastest rate since U.S. spot bitcoin funds launched in January 2024, suggesting institutional interest may be cooling.
Derivatives markets show mixed signals, with lower futures volumes but steady open interest. Options flows hint at expectations for a BTC rebound toward $75,000 by late July, though risks of a pullback persist.