Bitcoin has fallen below its on-chain realized price. Combined with ETF net outflows, stagnant stablecoin supply, and paused corporate buying, BTC demand is clearly weak. The on-chain realized price remains a key metric for assessing market bottoms and trends.
Against the backdrop of ETF net outflows, stagnant stablecoin supply, and paused corporate buying, Bitcoin has fallen below its on-chain realized price. As a key metric for assessing market bottoms and trends, the loss of this level further highlights the current weakness on the demand side for BTC.
The on-chain realized price is an important reference for evaluating the market's current stage. When prices drop below this average, it often indicates that short-term buying pressure is insufficient to keep prices above the line.
From a capital-flow perspective, ETF net outflows mean some funds are exiting; stablecoin supply stagnation reflects weak momentum for new capital entering the market; and paused corporate buying removes potential buying support. These signals combined point to an overall weakening in BTC demand.
Considering both the on-chain average and capital-flow performance, the pressure on Bitcoin demand has yet to ease. The on-chain realized price remains a key indicator for observing future trends and determining the market bottom.