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Points of Focus
- Bitcoin traded at $63,728.22 as selling pressure showed signs of fading.
- Glassnode’s 30-day Seller Exhaustion Constant hit a cycle low but remains about one-third above past bear-market floors.
- US spot Bitcoin ETFs added $7.8 million after a $144.6-million outflow a day earlier.
Bitcoin (BTC) traded at $63,728.22 on Wednesday as onchain data pointed to easing sell-side pressure ahead of the July US inflation report. Glassnode’s 30-day Seller Exhaustion Constant fell to its lowest level of the cycle and moved closer to the range seen around previous Bitcoin bottoms. The metric still sits roughly one-third above the lows reached in past bear markets, suggesting seller fatigue is building without confirming a market bottom.
Bitcoin seller exhaustion enters historical bottom zone
Glassnode’s Seller Exhaustion Constant combines the share of Bitcoin supply in profit with 30-day realized volatility. The metric tracks periods when the share of profitable supply falls while realized volatility compresses. Glassnode’s latest readings show the metric moving closer to levels associated with previous Bitcoin bottoms while still remaining above the lows seen in past bear markets.
Sellers are getting exhausted, but have not reached levels we saw in past bitcoin:native bear markets.
According to the Seller Exhaustion Constant (30d), the historical bottoming signature has not confirmed yet.
We continue to monitor for selling to stall further. pic.twitter.com/PKCel2UEEG
— glassnode (@glassnode) August 11, 2026
Near $63,700, fading selling pressure can help explain why BTC has held its recent range, but the metric doesn’t show that buyers have taken control. Glassnode said the metric entered its historical bottoming region through months of low-volatility drift rather than the sharp capitulation seen around earlier lows, making comparisons with past cycles less straightforward.
ETF flows show Bitcoin demand remains uneven
US spot Bitcoin exchange-traded fund (ETF) flows add a counterpoint. Using Farside’s daily figures, the funds absorbed $865.3 million from Aug. 3 through Aug. 7, then posted a $144.6-million net outflow on Aug. 10. Inflows returned on Aug. 11 at just $7.8 million, with BlackRock’s IBIT taking in $50.2 million, while withdrawals from other funds erased most of that demand.
Glassnode’s broader demand data points in the same direction. Its Aug. 5 report said US spot ETFs returned about 65,800 BTC in June, their worst month on record, while corporate treasury purchases didn’t fully replace that demand. Seller fatigue, in that context, is stronger evidence of reduced supply pressure than renewed buyer conviction.
Bitcoin price faces CPI test below $65,000
The Bureau of Labor Statistics will release July CPI at 8:30 am ET on Aug. 12. June headline inflation stood at 3.5% year-on-year and core inflation at 2.6%, leaving another macro test for a Bitcoin market still trading below $65,000.
For BTC, reclaiming $65,000 would offer stronger price confirmation that easing sell-side pressure is being met by sufficient buyer demand. Bitcoin has repeatedly struggled to hold above $65,000 in recent sessions, keeping that level as the immediate test for any recovery attempt. At the time of writing, BTC remained about 2% below it.
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