Bitcoin Fails to Reach Realized Price Amid ETF Outflows

Bitcoin's price is hovering around $60K as ETF outflows surge to June records. Despite this, CryptoQuant CEO Ki Young Ju warns that BTC may need to fall further before a true cycle bottom forms.

Ju points out that Bitcoin still trades above its realized price, which has historically served as the final checkpoint before a bear market floor is confirmed. The current gap between spot and realized prices is what Ju identifies as unfinished business within the current bear phase.

The CEO notes that unless 'this time is different,' Bitcoin may still need to fall further before a true cycle bottom forms. He adds that if Bitcoin does not touch its realized price in the current cycle, it may indicate that market dynamics are shifting fundamentally.

Ju's analysis suggests that the current market structure does not yet resemble previous confirmed bottoms. He also notes that the structural change brought about by institutional infrastructure, such as spot ETFs and derivatives desks, can prevent the kind of capitulation seen in earlier cycles.