Bitcoin Hovers Near $63,000 as 652,000-BTC Demand Slump Signals More Pain
Updated
Updated · CoinDesk · Jun 12
Bitcoin Hovers Near $63,000 as 652,000-BTC Demand Slump Signals More Pain
3 articles · Updated · CoinDesk · Jun 12
Summary
$63,000 bitcoin is only 9% above its realized price of about $53,600, leaving the average holder barely in profit and putting the market closer to a value zone than a confirmed recovery.
652,000 BTC of total demand vanished last week—the biggest contraction since January 2022—while ETF demand shrank at its fastest pace since U.S. spot funds launched in January 2024, eroding the institutional bid behind this cycle.
187,000 BTC of losses were realized over the past 30 days, painful but still below the 400,000 BTC spike in February and the 1.2 million BTC seen near the November 2022 bottom, suggesting stress without full capitulation.
$180.9 billion in crypto futures volume fell 9% as open interest held near $105 billion, pointing to a market pause rather than panic; bitcoin options flows still lean toward a bounce to $75,000 by late July.
Weekly RSI remains at 34.0—below the 41.5 level some analysts view as a bottom signal—adding to evidence that bulls still need ETF flows and broader demand to stabilize before a durable turn.