While bitcoin holds near $63,000, some data points to pain ahead for bulls

MarketsWhile bitcoin holds near $63,000, some data points to pain ahead for bullsOnchain data shows the bitcoin market price is only just above its realized price and demand is weakening, especially from ETFs.By Omkar Godbole, Shaurya Malwa|Edited by Sheldon Reback Jun 12, 2026, 10:41 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowBitcoin is hovering near $63,000, but onchain data shows it's only just above its realized price and demand is weakening, especially from ETFs, suggesting the market is closer to a value zone than a confirmed recovery.VELVET surged more than 1,400% in a week on speculative pre-IPO hype around SpaceX and AI firms despite minimal protocol usage, raising the risks of a sharp reversal now that the main catalyst has passed.Derivatives markets show a pause rather than panic, with lower futures volumes but steady open interest, renewed bullish positioning in DOGE and options flows pointing to expectations for a bitcoin bounce toward $75,000 by late July.Bitcoin BTC$62,895.02 is trading near $63,000 after dipping to about $59,000 earlier this week, and some data points to pain ahead for bulls, with a possible drop to levels last seen in early 2024.The largest cryptocurrency is now only 9% above its realized price of about $53,600, according to onchain analysis firm CryptoQuant. Realized price is the average of the prices at which the coins last moved. When the market price gets close, the average holder is barely in profit. That level has marked major bear-market floors in past cycles.The problem, however, is demand.Total bitcoin demand fell by 652,000 BTC last week, the largest contraction since January 2022, CryptoQuant said. Demand from ETFs is also shrinking at the fastest pace since U.S. spot bitcoin funds debuted in January 2024, showing the institutional bid that powered this cycle has turned into selling.Sellers crystallized 187,000 BTC of losses over t…

While bitcoin holds near $63,000, some data points to pain ahead for bulls

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