Bitcoin has fallen back to the $63,000 level, even as institutional buyers have absorbed a staggering amount of supply.
According to CryptoQuant founder Ki Young Ju, spot Bitcoin ETFs have taken in 509,102 BTC since the price was last at this level in March 2024. Meanwhile, corporate holder Strategy has added 650,706 BTC. Combined, that's over 1.24 million coins-more than the estimated 1 million BTC held by Satoshi Nakamoto.
To put it in perspective, that total equals nearly half of all Bitcoin held on centralized exchanges (2.7 million BTC). Yet despite this massive absorption, the price has failed to hold gains.
Young Ju notes that Bitcoin's Realized Price-the average cost basis of all wallets-currently sits at $53,800. Historically, bear markets end only when BTC trades below this level. While institutional inflows were expected to provide a floor, Young Ju says current price action suggests "unusually strong sell pressure."
At time of writing, Bitcoin is trading near $63,200, down over 13% in the past seven days.