The latest data from CryptoQuant suggests that Bitcoin's recent price movement may be a sign of market normalization rather than a definitive bottom.
The Realized Price, which serves as a benchmark for Bitcoin's value, currently stands at approximately $54.1K. Meanwhile, the volatility-adjusted premium (z-score) remains firmly positive at around +11.
For comparison, during the June 2022 price lows, the z-score declined to –4 when the market traded below Realized Price, indicating a significant phase of stress.