Bitcoin remains below key onchain level as ETF outflows persist, liquidity stays tight: analysts

Bitcoin is trading below the key onchain valuation benchmark, the "True Market Mean" (around $79,000), indicating a structural reset characterized by strained liquidity and weak institutional demand, according to Glassnode analysts. The Realized Price near $54,900 is viewed as the lower structural boundary, framing a potential prolonged consolidation phase within the current $60,000 to $70,000 band. This weakness is exacerbated by sustained negative net flows from U.S. spot Bitcoin ETFs, which have removed a crucial source of demand, and negative cumulative volume delta signaling active selling pressure. While derivatives positioning suggests panic has subsided, optimism is absent, and macroeconomic caution, driven by hawkish Fed minutes, continues to weigh on speculative assets. Analysts suggest a durable bottom requires a clear improvement in liquidity, possibly involving a drop toward $55,000 to $58,000 if ETF inflows do not resume or the dollar weakens.

(Source：The Block)