Crypto analyst Ali Martinez said Bitcoin’s apparent demand had remained negative for 208 days. The measure tracks whether spot demand can absorb new miner supply and older coins entering exchanges. Analyst Axel Adler Jr. also said net realized profit and loss had stayed negative for five months. The metric compares realized gains and losses using a 90-day moving average.
The prolonged period of realized losses matched conditions seen during previous bear markets. A similar pattern developed during the middle of 2022. Meanwhile, CryptoQuant analyst PelinayPA said the foundation for the latest losses had started forming in February. Bitcoin’s Miner Position Index then rose between March and June.
The index stood at minus 0.15. Although it remained negative, the reading showed miners transferring relatively more Bitcoin toward cryptocurrency exchanges. Miner-to-exchange flows also increased during the same period. Together, both metrics showed that miners had prepared more Bitcoin for possible selling.
Bitcoin’s realized price stood at $53,888, representing the average acquisition cost across the . The level now serves as the next stated price target and a major support zone. Could buyers absorb the rising supply before Bitcoin retests its realized price?
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