Just a week ago, Bitcoin (BTC) slid to a new cycle low around $59,000 last week. While it is slowly recovering, it is down more than 50% from the all-time high of around $126,000 it reached i
Just a week ago, Bitcoin (BTC) slid to a new cycle low around $59,000 last week.
While it is slowly recovering, it is down more than 50% from the all-time high of around $126,000 it reached in October 2025. As per CoinGecko, year-to-date reveals a drop of over 29%, while it has dropped more than 24% in the past one month.
At press time, it was trading near $61,792.
According to on-chain analytics firm CryptoQuant, Bitcoin may be looking at a new bottom.
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CryptoQuant's head of research, Julio Moreno, told The Block a bigger problem is the shrinking demand. By CryptoQuant's measure, total demand, which blends perpetual-futures positioning with apparent spot buying, shrank by 652,000 BTC last week. This is the sharpest one-week drop in nearly four years.
As the price slipped under $60,000, leveraged longs were wiped out and selling on spot markets picked up. Moreover, a one-year gauge of demand has flipped negative and is falling faster than at any point since early 2024.
Big institutions have stepped back, too. Over the past 30 days, demand routed through spot exchange-traded funds has dropped to negative 74,000 Bitcoin, the softest figure since the U.S. funds began trading in January 2024.
As per SoSo Value, last week, by June 5, total net outflows of spot Bitcoin ETFs stood at about $1.72 billion. In the current week, by June 9, $168.81 million has drained out.
Instead of soaking up sell orders, Moreno wrote, the ETFs are now adding to the available supply as investors pare their holdings.
As per CryptoQuant, Bitcoin may carve out a bottom near $53,600, though sluggish buying suggests a lasting recovery is still some way off.
That figure matches Bitcoin's realized price, which is a measure of what the average holder paid for their coins.
Across previous downturns, Moreno noted, Bitcoin has tended to trough right around that line, which is why he treats it as one of the market's more reliable valuation gauges. The metric was briefly pierced during the collapse of FTX in late 2022 before the price snapped back.
Moreno stressed that the call is a scenario, not a forecast. Reaching the realized price would align with how past bottoms formed, but there is no guarantee the market sinks that far.
One ingredient of a true bottom, which is a wave of panic selling, is still absent. Over the past month, holders booked losses on 187,000 BTC, well short of the 400,000 recorded when the price first cracked $60,000 in February and the 1.2 million logged at the FTX low.
That restraint, Moreno said, implies plenty of holders are still in profit and haven't been pushed into dumping coins. Until buying steadies and forced selling peaks, he argued, $53,600 is best seen as a candidate floor rather than a confirmed bottom.
