Bitcoin's potential bottom near $53,600, but demand remains weak

Huoxing Finance reports, according to The Block, Julio Moreno, Research Director at CryptoQuant, stated that Bitcoin’s bottom may be near $53,600—the current realized price—historically a level that has often marked the bottom of bear markets. Bitcoin is currently trading at approximately $62,150, about 9% above this level. However, demand conditions remain weak. CryptoQuant estimates that total demand decreased by 652,000 BTC last week, the largest weekly decline since January 2022. Thirty-day ETF demand has fallen to -74,000 BTC, the weakest level since ETFs launched. Meanwhile, realized losses over the past 30 days stand at 187,000 BTC, significantly lower than the 400,000 BTC seen when Bitcoin first dropped below $60,000 in February and the 1.2 million BTC during the FTX collapse in November 2022, indicating that a capitulation-level sell-off has not yet been reached. Moreno noted that while the price level may be nearing a bottom, a bull market requires a recovery in demand—a condition not yet reflected in the data. Until total demand stabilizes, ETF inflows resume, and realized losses reach capitulation peaks, the current price should be viewed as a candidate for a valuation bottom rather than a confirmed cycle low.