According to ChainCatcher, CryptoQuant said in its latest report that Bitcoin has fallen to $59,000, marking a new low for the current bear market. The report compared the latest price level with Bitcoin’s realized price of $53,600 and noted that the asset is now only 9% above that benchmark. From a valuation perspective, CryptoQuant said this places Bitcoin close to the bottom zones seen in previous bear markets.
Bitcoin Trades Near the Realized Price Zone
CryptoQuant also stressed that the current bottom has not been confirmed. The report did not rely only on the narrowing gap between market price and realized price. Instead, it reviewed demand-side indicators to assess whether the recent decline has reached a confirmed bottom area. Although the distance between $59,000 and the $53,600 realized price has narrowed, the report said that valuation being near historical bottom ranges is not enough on its own to confirm that the current downtrend has ended.
Demand Metrics Show Sharp Contraction
The report said total Bitcoin demand dropped to negative 652,000 BTC last week, the largest contraction since January 2022. At the same time, the one-year apparent spot demand growth rate also turned negative and fell to its weakest level since February 2024. CryptoQuant cited these demand readings as key reasons why the bottom remains unconfirmed.
ETF buying demand has also contracted rapidly. According to the report, ETF purchase demand is undergoing its fastest contraction since the products were launched in January 2024. The 30-day ETF demand growth rate also reached its lowest level on record. This means that after Bitcoin fell to a new low for the current bear market, ETF-related demand has not shown a clear recovery signal in the data cited by CryptoQuant.
On realized losses, CryptoQuant said the amount over the past 30 days stood at 187,000 BTC. However, the report added that this figure has not yet reached the level associated with historical capitulation or sell-off clearing. As a result, CryptoQuant’s conclusion remains cautious: Bitcoin’s valuation is close to prior bear-market bottom zones, but shrinking total demand, weakening ETF buying demand and realized losses that have not yet reached historical clearing levels mean that a confirmed bottom has not been established.