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Bitcoin lingers near $63,000 as demand stays weak
Glassnode data cited by CryptoSlate points to $63,000 as Bitcoin's median realized price, while spot Bitcoin ETFs logged net outflows of $61.1 million on Aug. 12.
Bitcoin traded around $63,347.73 as the S&P 500 closed at a record 7,798.99, highlighting a gap between broader risk appetite and weaker activity in BTC, according to CryptoSlate. The outlet said Bitcoin was only a few hundred dollars above an on-chain level that had absorbed repeated tests for more than a month.
CryptoSlate attributed the level to Glassnode's Week On-chain work, which identifies $63,000 as Bitcoin's median realized price, a midpoint of holders' cost basis. The piece noted that repeated contact with such support becomes more consequential when demand is weak, because a former floor can turn into resistance after a decisive break.
The report also said the backdrop in U.S. markets was mixed but supportive for equities, with US producer prices unchanged in July, the 10-year Treasury yield easing to 4.64% from 4.68%, and Brent crude falling 2.1%. Within that environment, CryptoSlate argued Bitcoin remained pinned near the lower edge of its recent structure.
On-chain and ETF-flow indicators described by CryptoSlate pointed to a late-stage demand drought, with exchange inflows fading from an early-June peak and only a small share of circulating supply in unrealized profit. It added that US spot Bitcoin ETFs recorded $61.1 million in net outflows on Aug. 12 after $7.8 million in inflows the prior day, leaving Bitcoin short of the sustained institutional flow needed for a decisive move away from support.
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