Bitcoin Price Returns to $63,000 Amid Massive BTC Absorption
- Since mid-May, Bitcoin has decreased from over $81,000 to around $63,000.
- Spot ETFs and Strategy have absorbed over 1.24 million BTC since March.
- Satoshi’s wallets hold about one million BTC, less than the amount absorbed by ETFs and Strategy.
- The Realized Price of Bitcoin is currently at $53,800.
Despite significant absorption by spot ETFs and Strategy exceeding Satoshi’s holdings, Bitcoin’s price has returned to the same level as earlier this year at $63,000. The Realized Price metric suggests that Bitcoin remains above its average cost basis on the network.
This substantial absorption of Bitcoin has not prevented a price decline back to levels seen in March, highlighting strong market sell pressure despite institutional inflows and strategic accumulation efforts. (Source)
