While bitcoin holds near $63,000, some data points to pain ahead for bulls
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Bitcoin holds near $63,000, but onchain data suggests a potential downturn for bulls. The market price barely exceeds the realized price, and demand is waning, particularly from ETFs, which have seen a significant decline in investment. This trend indicates a possible correction, weighing on investor sentiment and potentially impacting the cryptocurrency's price stability.
Onchain data shows the bitcoin market price is only just above its realized price and demand is weakening, especially from ETFs.