Data shows that spot ETFs and Strategy have absorbed more Bitcoin than Satoshi’s stash since the asset was last at $63,000, yet the price has returned to the same level. Bitcoin Could Be Headed Toward the Realized Price. In a new post on X, CryptoQuant founder Ki Young Ju discussed the latest Bitcoin price crash. Since mid-May, the cryptocurrency has seen a major drop, falling from a high above $81,000 to around $63,000. Most of this decline happened in June, with BTC briefly dipping below $62,000. Interestingly, this downturn comes despite some positive market developments. Young Ju pointed out that since BTC was at $63,000 in March 2024, the asset’s supply has shifted. Spot exchange-traded funds (ETFs), which launched in the U.S. in 2024, have absorbed 509,102 BTC during this period. Meanwhile, Strategy, the largest corporate Bitcoin holder, has added 650,706 BTC to its holdings. For context, Satoshi’s BTC wallets hold about 1 million tokens, while the combined supply absorbed by spot ETFs and Strategy totals over 1.24 million tokens. Even all centralized exchanges together hold only 2.7 million BTC, offering another comparison for this accumulation. “More BTC than Satoshi’s stack, nearly half of exchange reserves, has been absorbed, and the price is still back at the same level,” noted the CryptoQuant founder. As for how far the drop might go, the Realized Price could offer clues. This on-chain metric tracks the average cost basis of Bitcoin wallets. A chart shows how this indicator has changed over recent years. The metric has been declining lately, as investors bought in at lower bear market prices. Currently, the Realized Price stands at $53,800. So far, BTC has stayed well above this level, but historically, bear markets only end when the asset falls below it. “I thought that level would be hard to revisit, given institutional inflows and MSTR barely selling any BTC,” said Young Ju. “But current price action suggests unusually strong sell pressure.” It remains to be seen whether Bitcoin will hold above the Realized Price this cycle or follow the same pattern as before. BTC Price At the time of writing, Bitcoin is trading around $63,200, down more than 13% over the past week. Featured image from Dall-E, chart from TradingView.com.
Frequently Asked Questions
Here is a list of FAQs about Bitcoins price returning to 63000 despite 12 million BTC being absorbed
Beginner Questions
Q Why is Bitcoin back up to 63000 if so many people are selling or moving their coins
A The price isnt just about how many coins are sold but who is buying Even though 12 million BTC changed hands new buyerslike big institutions and ETF investorsstepped in to buy them More demand than supply pushes the price up
Q What does 12 million BTC absorbed actually mean
A It means that over a period of time the market successfully bought up 12 million Bitcoins that were being sold Think of it like a sponge soaking up waterthe market soaked up all those coins without crashing the price
Q Is 63000 a good price to buy Bitcoin right now
A That depends on your goals Historically 63000 is near a previous alltime high which can be risky However if you believe the trend is going higher it might still be a good entry Never invest more than you can afford to lose
Q Does this mean Bitcoin is safe or a sure thing now
A No Bitcoin is still very volatile A 63000 price doesnt guarantee it wont drop to 50000 or lower tomorrow It just shows strong buying pressure at the moment
Intermediate Questions
Q Who is buying all those Bitcoins if 12 million are being sold
A The biggest buyers are likely institutional investors buying through new spot Bitcoin ETFs plus longterm whales who accumulate during dips This is different from 2021 when most buyers were retail individuals
Q If 12 million BTC were absorbed why didnt the price crash
A Because the selling was met with equally strong buying In market terms the bid was deep enough to absorb the ask This shows high liquidity and confidence that the price is worth holding at these levels