Bitcoin Sellers Show Signs of Exhaustion at $64,000

Glassnode's onchain analytics suggest that bitcoin sellers are showing signs of exhaustion around $64,000, but this does not necessarily confirm a historical market bottom. The firm notes that more than half of the circulating bitcoin supply currently sits in profit, effectively putting the average holder at breakeven.

This has historically coincided with the tail end of corrections rather than their beginning. Glassnode's commentary describes the current market as compressed rather than capitulating, adding that trading conditions are 'priced for nothing and reacting to everything.'

Despite spot bitcoin exchange-traded funds (ETFs) bleeding $144.67 million yesterday, the outflow came after a 5-day streak of continued inflows. BTC has been able to maintain its price despite high-profile sales from whales and Saylor-led Strategy.

Wintermute OTC trader Jasper De Maere tied the recovery narrative directly to price action, saying the case only holds if bitcoin convincingly clears $65,000 in the near term. Until that happens, the seller-exhaustion signal remains a data point rather than a turning point.