Les niveaux actuels de pertes réalisées suffisent à confirmer des conditions de marché profondément baissières. En revanche, ils n’ont pas encore atteint l’intensité nécessaire pour établir un creux définitif.

Bybit analysts said Bitcoin's slide below $60,000 stemmed from a multi-week structural breakdown rather than indiscriminate panic. In the week ending June 8, BTC fell from $73,760 to $59,130, while RSI readings for ETH (12.78) and BTC (15.45) pointed to the most oversold conditions of this cycle. The report added that ETF outflows, stronger U.S. jobs data, and Strategy's 32 BTC sale for $2.5 million weighed on sentiment, with no confirmed reversal yet.

Bitcoin (BTC) may be approaching a bear-market floor based on historical on-chain valuation signals, but weakening demand keeps any bottom unconfirmed. After dropping to a new cycle low of $59,000 last week, BTC is about 9% above its realized price of $53,600, while total demand and ETF-related flows show continued contraction.

Glassnode said on-chain indicators suggest speculative demand for Bitcoin exposure via traditional market vehicles is weakening, with activity falling across spot ETFs and bitcoin treasury companies. The firm cited a drop in the 30-day SMA of U.S. spot ETF volume from $4.4B per day in October 2025 to about $0.96B currently, alongside a decline in treasury-company trading from $34.2B per day in December 2025 to $17.4B now. It also noted spot demand has softened as BTC traded near $62,500 at publication time, down 22% from $80,900 a month earlier.

Bitcoin has moved out of the accumulation phase that powered its earlier-year rally and is now in a distribution regime, as investors increasingly sell into strength. The Bitfinex Alpha report links the shift to spot ETF outflows, macro headwinds, and weakening spot demand, with analysts warning that a sustained break below $60,000 could deepen downside pressure.

CryptoQuant researcher Pelinay says XRP whale transfers of over 1 million XRP into Binance have been declining since 2025 and have continued trending lower this year. The analyst argues that softer exchange inflows, alongside stronger demand, could help XRP revisit the $1.8–$2 area, even as it trades near $1.10 after dropping from the $3 region.

Glassnode says several XRP Ledger indicators have weakened, with holder profitability and transaction demand both falling from prior cycle levels. The firm reports the 90-day SMA of XRP's Realized Profit-to-Loss Ratio is down to 0.38, while the 90-day SMA of total fees dropped from 5,900 XRP in February 2025 to about 500 XRP.

CryptoQuant reported that traditional-finance perpetual futures tied to assets such as gold, silver, and oil are gaining traction on crypto exchanges, led by Gate and Binance. Gate recorded $368 billion in TradFi perp volume and Binance logged $298 billion, together making up roughly two-thirds of the year-to-date total. Meanwhile, centralized-exchange spot volume fell to $679 billion in April 2026, the lowest level since October 2023, alongside weaker perpetuals activity.

Strategy, the largest corporate Bitcoin holder, reported an unrealized loss of about $10.47 billion as its BTC holdings were valued at roughly $53.4 billion versus $63.87 billion in invested capital. The update came as Bitcoin fell to around $61,000 and the company disclosed it sold 32 BTC at an average of $77,135 per coin between May 26 and May 31, generating about $2.5 million.