Bitcoin Price Nears Bottom, But Demand Collapse Signals No Bull Run Yet

Bitcoin's price is bumping against its realized price, a zone that's historically marked cycle bottoms. But don't get excited. This isn't a green light for a bull market. The charts are screaming caution, not celebration.

Demand has evaporated. We're seeing the sharpest drop in total Bitcoin demand since early 2022, and spot ETFs are bleeding cash. Forget institutional FOMO; they're pulling back, and corporate treasuries are nowhere to be seen.

Capitulation is also incomplete. The realized losses are a fraction of what we saw in 2022. This means there are still plenty of bagholders ready to dump when the price even twitches. Until demand picks up and sellers are truly flushed out, this price level is just a candidate for a floor, not a confirmed bottom.