TechFlow News, June 11: CryptoQuant released its latest report stating that Bitcoin has fallen to a new low of $59,000 in the current bear market—only 9% above its realized price of $53,600—placing it near historical bear-market bottom ranges from a valuation perspective. However, CryptoQuant notes that the bottom remains unconfirmed. Last week, total Bitcoin demand dropped to -652,000 BTC, marking the largest contraction since January 2022; the one-year apparent spot demand growth rate also turned negative and fell to its weakest level since February 2024.
Meanwhile, ETF buying demand experienced its fastest contraction since its launch in January 2024, with the 30-day ETF demand growth rate hitting an all-time low. The report also states that realized losses over the past 30 days amounted to 187,000 BTC—still short of historically significant sell-off clearance levels.
