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Bitcoin surges above $66,000 amid thin spot trading

VanEck data cited by CryptoSlate shows investors realizing more losses than gains over the past month, and about 16% of Bitcoin’s market value remains in unrealized losses.

Reported · Written up by our desk · Bitcoin

Bitcoin climbed above $66,000 for the first time since early June, extending a recovery that is starting to address some of the losses from the market downturn, according to data referenced by CryptoSlate.

The rebound is coming from weaker conditions than the price move suggests. CryptoSlate, citing VanEck, reported that investors who sold Bitcoin over the past month realized substantially more losses than gains, unrealized losses across the network were equivalent to about 16% of Bitcoin’s market value, and only 53% of circulating supply was in profit versus a four-year average of 76%.

Spot-market activity has not shown a broad-based comeback, which may limit how durable the rally is. Average daily spot volume over the past 30 days was about $5.1 billion, roughly 29% below the $7.2 billion average since 2019, while seller market orders exceeded comparable buying by about $70 million per day over the past month.

Derivatives positioning also points to caution. CryptoSlate reported that over the latest month, premiums paid for Bitcoin put options were nearly 50% higher than those for call options, even as long-term holders reportedly remain reluctant to sell and demand from US exchange-traded funds begins to recover.

Latest closeBitcoin $65,652.00 ▼1.3%

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