Bitcoin Tests Bottoms as Demand Conditions Remain Weak

CryptoQuant's Weekly Report has found that Bitcoin is trading just 9% above its Realized Price of $53,600, a level historically associated with major market bottoms.

However, demand conditions remain weak, with total Bitcoin demand falling by 652,000 BTC, the largest contraction since January 2022. ETF demand growth has also dropped to a record low, indicating that institutional buying is slowing significantly.

CryptoQuant's conclusion is consistent with market cycle analyst Benjamin Cowen's view that major bottoms are usually identified after key indicators cross, not before, and that this process often takes time.