Bitcoin trades at $92,114.75 after a 6.27% gain and recovery over the last 7 days. This recovery comes after a bearish month that still leaves the price at a 10.11% drop in the last 30 days.
Amid the recovery, a key metric tells a different story. Traders now shift focus to the Realized Price-to-Liveliness Ratio support that BTC is currently testing. Ali, a renowned analyst, points out that when Bitcoin slips below this ratio, it often gravitates toward its Realized Price.
Source: X
That level stands at $56,355. This support held during past market resets and many traders now ask whether it still carries the same weight in a cycle shaped by ETF flows, sovereign accumulation, and reduced miner capitulation. The current setup invites that question.
Realized Metrics Resemble Early 2022 Conditions
Glassnode data shows rising on-chain stress. The supply quantiles cost basis tracks the cost basis of top buyers. Bitcoin trades below the 0.75 quantile near $96,100. This drop places more than 25% of supply underwater. A break below the same quantile marked the start of the 2022 bear market. Current conditions reflect growing pressure on buyers who entered near cycle highs.
Total supply in loss on a seven-day moving average reached 7.1 million Bitcoin. This figure sits at the upper boundary of the 5 million to 7 million range seen in early 2022. The surge in supply held at a loss signals increasing strain on holders who bought during recent strength.
Realized cap net change still shows capital moving into the network. Net inflows stand near $8.69 billion per month. This inflow trails the summer peak of $64.3 billion per month. Slowing inflows highlight weakening conviction even though the metric remains positive.
ETF and Spot Market Activity Shows Declining Appetite
Off-chain indicators show a similar trend. ETF inflows continue to slow. IBIT recorded a sixth straight week of outflows. Total redemptions exceed $2.7 billion over the past five weeks. This streak ranks as the longest negative run since IBIT launched in January 2024. The flow pattern indicates softer demand from institutions that dominated earlier phases of the cycle. Since December started, spot Bitcoin ETFs recorded $87.77M net outflows.
Source: X
Spot market liquidity also softens. Cumulative volume delta rolled over. Binance CVD trends negative over an extended stretch, hinting at sustained selling pressure in aggressive order flow. The Coinbase premium looks set to roll over again after a brief positive turn that followed a long negative stretch. The shift suggests less aggressive US-based buying.
FOMC Expectations Inject Macro Uncertainty
Macro conditions add another layer. The Federal Reserve acknowledges that policy remains modestly restrictive. Officials hold diverging views on risks tied to inflation and employment, and market expectations swing sharply ahead of the 10 December FOMC meeting.
Comments from Chair Jerome Powell after the 29 October decision triggered uncertainty. Powell stated that a December cut did not hold a strong likelihood. Minutes from that meeting showed many members leaning against another cut. A government shutdown delayed data collection, leaving fewer indicators before the December meeting. By 19 November, markets priced only 7 basis points of a full 25-basis-point cut.
Bitcoin traders now watch how the Fed’s next move shapes liquidity, risk appetite, and ETF demand. Rising on-chain stress, softening inflows, and macro uncertainty create an environment that demands close attention as Bitcoin hovers near crucial long-term support metrics.
Source: https://coinpaper.com/12948/btc-slips-below-its-realized-price-to-liveliness-ratio-is-a-drop-to-56-k-now-on-the-table
