Bitcoin Stabilizes as Long-Term Holders Sell Into Strength

Bitcoin's price has stabilized at around $63,549 as it recovers from its June summer low. The 30-day moving average rose to about $64,322 (+2.6% m/m) as higher July prints replaced the washed-out June readings.

The 30-day realized volatility eased further to 27.2% annualized, below last month's 30.4% and well under the long-run average near 80%. This suggests that the decline through spring has stopped, with BTC potentially bottoming near $58,500 on June 30.

Long-term holders sold into strength, shedding 356k BTC over 30 days, pushing the long-term supply share back under 60% for the first time in months. The data suggests that we are approaching the end of the correction phase, with a potential bottom expected around October or November this year.