CryptoQuant's Head of Research, Julio Moreno, stated that Bitcoin's potential bottom might be near $53,600, which is the current realized price. Historically, this level has often been close to bear market bottom zones. However, this doesn’t mean Bitcoin will definitely drop to this level—it can only be considered a 'valuation bottom candidate' for now, not a confirmed cycle bottom. CryptoQuant believes Bitcoin demand remains 'deeply bearish.' Last week, total demand dropped by 652,000 BTC, marking the largest weekly contraction since January 2022. The 30-day ETF demand growth fell to -74,000 BTC, the weakest level since the launch of U.S. spot Bitcoin ETFs. Additionally, over the past 30 days, holders realized losses of 187,000 BTC, which is still below the levels seen during historical capitulation phases. (The Block) https://(wublock123.com)/news/cryptoquant-bitcoin-may-bottom-near-53600-demand-deeply-bearish-62583