Data shows the spot ETFs and Strategy have absorbed more Bitcoin than Satoshi’s stack since the asset was last at $63,000, yet the asset has returned to the same level.
Bitcoin Could Be Headed Toward The Realized PriceTo put things into perspective, Satoshi’s BTC wallets hold about 1 million tokens, while the combined supply absorbed by the spot ETFs and Strategy equals more than 1.24 million tokens. Even all centralized exchanges combined hold a total of 2.7 million BTC, providing another comparison for the accumulation. “More BTC than Satoshi’s stack, nearly half of exchange reserves, has been absorbed, and price is still back at the same level,” noted the CryptoQuant founder.
Here is a chart that shows how this indicator has changed for BTC over the last few years:
As displayed in the above graph, the Bitcoin Realized Price has seen a drop recently as investors have participated at the lower bear market prices. Currently, the metric’s value stands at $53,800.
So far, BTC has managed to stay a notable distance above the Realized Price, but historically, bear markets have only concluded when the asset has ventured below this line. “I thought that level would be hard to revisit, given institutional inflows and MSTR barely selling any BTC,” said Young Ju. “But current price action suggests unusually strong sell pressure.”
It now remains to be seen whether Bitcoin will manage to hold above the Realized Price this cycle or if the same pattern as before will play out again.
BTC PriceAt the time of writing, Bitcoin is floating around $63,200, down more than 13% in the last seven days.
