preferred on
Points of Focus
- Bitcoin traded at $63,622.15, holding just above Glassnode’s $63,000 median realized price.
- BTC spot exchange volume fell to its lowest level since the series began in 2019.
- US spot Bitcoin ETFs posted $61.1 million in net outflows on Aug. 12.
Bitcoin (BTC) traded at $63,622.15 on Thursday as spot activity fell to its lowest level in more than seven years. BTC remained just above Glassnode’s $63,000 median realized price, while the $68,700 short-term holder cost basis remained the main overhead level.
Bitcoin is holding near support with unusually little spot participation behind the move. With fewer coins changing hands and resting bids thinning, a modest shift in buying or selling pressure could produce a larger price move.
Bitcoin spot volume falls to lowest level since 2019
Glassnode said spot exchange volume, measured in BTC rather than dollars, has dropped to its lowest reading since the data set began in early 2019. Even with Binance excluded, activity is near the lows recorded during the 2023 bear market.
Low volume doesn’t determine direction on its own. Glassnode also found resting bids around the summer range have thinned by roughly one-third since early July, while futures open interest now exceeds one full day of futures volume. That leaves futures positioning elevated while spot participation remains near multi-year lows.
Bitcoin ETF outflows return as demand stays weak
ETF flows turned negative again on Aug. 12. Farside Investors recorded $61.1 million in net US spot Bitcoin exchange-traded fund (ETF) outflows on Aug. 12, led by $46.8 million from Fidelity’s FBTC and $14.3 million from BlackRock’s IBIT. That followed a $7.8-million inflow on Aug. 11 and $144.6 million in outflows on Aug. 10.
Bitcoin also failed to extend gains after the July CPI release. The US Bureau of Labor Statistics reported July CPI rising 0.1% month-on-month and 3.4% year-on-year, while core inflation eased to 2.5%. Bitcoin remained near $64,000 after the release.
BTC price holds $63,000 as seller exhaustion builds
The counterpoint is that weak demand is arriving alongside reduced selling pressure. Glassnode’s Seller Exhaustion Constant has fallen to a cycle low, while exchange inflows have slowed from their early-June peak. Slower exchange inflows reduce one source of selling pressure even as spot demand remains weak.
$63,000 remains the immediate support marker. A sustained move above the $68,700 short-term holder cost basis would return recent buyers to profit, while Glassnode places the next major downside reference near the June low at $58,500.
Share
Most read articles
