While bitcoin holds near $63,000, some data points to pain ahead for bulls
Onchain data shows the bitcoin market price is only just above its realized price and demand is weakening, especially from ETFs.
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Summary
- Bitcoin is hovering near $63,000, but onchain data shows it’s only just above its realized price and demand is weakening, especially from ETFs, suggesting the market is closer to a value zone than a confirmed recovery.
- VELVET surged more than 1,400% in a week on speculative pre-IPO hype around SpaceX and AI firms despite minimal protocol usage, raising the risks of a sharp reversal now that the main catalyst has passed.
- Derivatives markets show a pause rather than panic, with lower futures volumes but steady open interest, renewed bullish positioning in DOGE and options flows pointing to expectations for a bitcoin bounce toward $75,000 by late July.
