Bitcoin's underlying support has weakened as the heavy buy orders placed below price in June continue to drain, leaving the market trading between the Median Realized Price of $63,000 and the Short-Term Holder Cost Basis of $68,700, according to on-chain analytics firm Glassnode.

Apparent demand improved from -272,000 BTC to -32,000 BTC, analyst Darfost reported, but the metric remains negative and below levels associated with strong accumulation. Seller exhaustion has increased, spot volume has fallen to its lowest since 2019, and coins have continued moving toward exchanges, signs that Bitcoin demand remains limited even as some ETF inflows have returned since late July.

Support Below Price Weakens

Glassnode said the heavy wall of buy orders built beneath Bitcoin in June has started to drain, and the remaining support now forms a much thinner floor under the market. Price continues to trade between the Median Realized Price at $63,000 and the Short-Term Holder Cost Basis at $68,700, and Bitcoin has remained within this cost-basis pocket for nearly three months.

Glassnode also identified $58,500 as a level below the current range. The 50-day and 200-day levels were not provided in the supplied data.

The market has recorded its lowest spot volume since 2019, and Glassnode said exchange activity has continued to fall, with Binance-excluded figures also nearing 2023 bear-market lows. That combination matters because lighter trading and thinner buy support can leave price more dependent on whether existing holders continue to absorb supply.

Sellers Tire While Buyers Remain Limited

Glassnode reported supply in profit near territory associated with previous bear-market floors. Its Seller Exhaustion Constant also reached a cycle low, although prior floor levels remained deeper. Adjusted SOPR has repeatedly failed to hold above 1.0 since October's peak, and Glassnode counted nine recovery attempts that ended with sellers exiting around break-even.

ETF flows have turned positive since late July. However, Glassnode said those inflows remain small compared with earlier accumulation periods.

Exchange Net Position Change also remains in inflow territory. Coins have continued moving toward exchanges, although the pace has declined from early June levels. In practice, that leaves the market with weaker visible spot participation while on-chain data still show distribution pressure persisting.

Demand Improves but Stays Negative

Darfost reported apparent demand at -32,000 BTC, an improvement from -272,000 BTC when Bitcoin entered its consolidation range in early June. The metric nonetheless remains negative and has not reached a level that Darfost considers strong enough. Similar patterns appeared in February and May before demand declined again.

Darfost also linked the change to lower average issuance following a decline in hashrate. Apparent demand compares new BTC issuance with supply inactive for more than one year, and the measure therefore tracks whether accumulation can absorb newly created Bitcoin supply. Current data show improvement, but demand remains below zero.