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Bitcoin (BTC) traded at $62,719 at the time of writing, just 17% above its realized price of $53,600, a valuation level that has coincided with previous bear market bottoms. CryptoQuant said the metric could mark a potential floor for the current correction, but weakening demand across spot ETFs and corporate treasury buyers suggests the market has yet to show the conditions that accompanied past recoveries.
In a June 10 report, the analytics firm identified Bitcoin’s realized price as a “valuation bottom candidate” after the asset briefly fell below $60,000 last week. The report arrives as US spot Bitcoin exchange-traded funds (ETFs) have recorded more than $5.7 billion in net outflows since mid-May, corporate accumulation has slowed sharply, and realized losses remain below levels seen at previous cycle lows.
CryptoQuant argues that Bitcoin may be approaching a valuation floor, but current demand trends do not support a confirmed market bottom.
Bitcoin briefly fell to nearly $59,000 last week, leaving it only 9% above its realized price of $53,600, according to CryptoQuant. The realized price represents the aggregate cost basis of all Bitcoin in circulation and has historically acted as a support level during major market downturns.
CryptoQuant noted that similar conditions appeared during previous bear markets when Bitcoin traded near or below its realized price before establishing a longer-term base.
CryptoQuant’s researchers stopped short of calling a market bottom, pointing instead to weakening demand metrics that continue to deteriorate despite the recent rebound above $62,000.
CryptoQuant reported that 30-day ETF demand growth has fallen to negative 74,000 BTC, the weakest reading since US spot Bitcoin ETFs launched in January 2024. The reversal marks a sharp shift from the strong inflows that helped drive Bitcoin to record highs earlier in the cycle.
The weakness remains visible in current flow data. According to SoSoValue, US spot Bitcoin ETFs recorded a net outflow of $214 million on June 10, bringing cumulative withdrawals since mid-May to more than $5.7 billion.
Bitcoin Spot ETFs See $214 Million Outflow as Ether ETFs Lose $35.6 Million
According to SoSoValue data, on June 10 (Eastern Time), Bitcoin spot ETFs recorded a total net outflow of USD 214 million, with Grayscale Bitcoin Mini Trust ETF BTC seeing the largest single-day net… pic.twitter.com/W8Ea6r6RDM
— Wu Blockchain (@WuBlockchain) June 11, 2026
Corporate demand has also slowed. Glassnode said companies pursuing Bitcoin treasury strategies remain net buyers, but accumulation has slowed sharply. Daily purchases exceeded $500 million on multiple occasions in April and May before falling to a fraction of that pace this month.
The simultaneous decline in ETF inflows and corporate accumulation weakens two of the largest demand sources that supported Bitcoin’s advance toward $74,000, leaving the market increasingly reliant on organic spot buying to absorb selling pressure.
CryptoQuant’s report also highlights another missing ingredient often associated with major market bottoms: capitulation.
The company estimates that Bitcoin holders realized losses of 187,000 BTC during the past 30 days. While elevated, the figure remains below the 400,000 BTC recorded during February 2026 when Bitcoin first tested the $60,000 region in the current downturn.
The gap becomes even larger when compared with previous cycle lows. Following the collapse of FTX in November 2022, realized losses surged to about 1.2 million BTC as investors rushed to exit positions.
Historically, major bottoms have often formed after a sharper wave of seller exhaustion. CryptoQuant argues that current loss-taking activity does not yet resemble those conditions.
The data suggests that last week’s rebound from below $60,000 has yet to be accompanied by the demand recovery seen at previous market turning points. Bitcoin remains above its realized price, and long-term holders continue to control a record share of supply, but demand indicators have yet to show the recovery that accompanied previous market turning points.
Macro conditions have added another layer of pressure. Oil prices moved higher after renewed tensions in the Middle East, while a stronger-than-expected US inflation reading has reduced expectations for near-term Federal Reserve easing. Those developments have kept pressure on risk assets, including cryptocurrencies.
Bitcoin remains above its $53,600 realized price, but CryptoQuant’s data shows ETF demand, corporate accumulation, and realized losses have yet to display the conditions that accompanied previous cycle lows.
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