CryptoQuant said the largest realized price band now sits in that range as buyers absorbed the dip, even as spot volumes fell to their lowest since late 2023 and U.S. spot Bitcoin ETFs posted weekly net outflows.
Bitcoin's recent pullback moved about 155,000 BTC, or 0.7% of supply, into the $62,000 to $65,000 realized price range, creating the market's largest cost-basis cluster and suggesting buyers accumulated during the decline rather than capitulating, CryptoQuant analyst theophiluspep said. The supply backdrop remained constructive, but demand softened: Bitcoin closed July at about $62,900, up 7.3% for the month, while spot trading volume dropped to its lowest level since late 2023. In the United States, spot Bitcoin ETFs recorded $61.5 million in weekly net outflows, ending a three-week run of inflows, with daily outflows reaching as much as $265 million. Derivatives positioning appeared balanced, with funding rates (periodic payments between long and short traders) staying positive at 0.006% to 0.01% and open interest (the total number of outstanding derivatives contracts) remaining stable.