Bitcoin may drop to $53,600, matching its realized price.
The price of the leading cryptocurrency could drop to $53,600. This level corresponds to the realized price of the asset—the average purchase cost of all coins in the network, reports The Block citing CryptoQuant.
Julio Moreno, head of research at the company, noted that demand for Bitcoin remains “extremely unfavorable.” Last week, the figure decreased by 652,000 BTC—the sharpest decline since the beginning of 2022.
Institutional interest has also waned. The capital inflow into spot Bitcoin-ETF over 30 days turned negative, amounting to -74,000 BTC. Instead of buying the dip, funds are increasing supply in the market.
On June 10, the net outflow from US spot Bitcoin ETFs was $213.85 million. The IBIT fund from BlackRock led the sales, losing $148.47 million. Grayscale (GBTC) also recorded an outflow of $87.9 million.
According to CryptoQuant, there are no signs of capitulation—mass panic selling—on the market yet. The total realized loss of holders over 30 days was 187,000 BTC. For comparison, during the FTX exchange collapse, this figure reached 1.2 million BTC.
Moreno emphasized that many short-term investors are still holding positions in profit and have not reached the psychological threshold of forced sales.
Analysts believe the current price could be a “candidate for the bottom,” but for sustainable growth, the market needs a regime change. Full recovery will begin only after demand stabilizes and ETF inflows return. Until then, the risk of further decline remains.
At the time of writing, the leading cryptocurrency is trading at $62,651 (+1.8% for the day).
Earlier, on June 9, K33 analysts identified $60,000 as a Bitcoin accumulation zone.
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