The Rally That Wasn't
Bitcoin has experienced a significant decline of 13% over the past week, indicating a continuation of bear market conditions. The recent drop has led to increased realized losses and a shift in market dynamics, with spot sellers regaining control. Institutional investors are de-risking ahead of potential market changes, as evidenced by substantial outflows from US spot ETFs.
- ▪Bitcoin's price has fallen to the $67,000 range, marking a significant drop from previous highs.
- ▪Total realized losses have surged to $1.35 billion per day, indicating a shift in market sentiment.
- ▪US spot ETFs have seen $4.21 billion in outflows over three weeks, the largest redemption streak of 2026.
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The Week On-chain The Rally That Wasn't Bitcoin has fallen 13%, with profitability collapsing, realized losses surging, and spot sellers regaining control. ETF investors remain underwater after a rejection at cost basis, while options markets continue to price elevated risk. Chris Beamish, CryptoVizArt, Antoine Colpaert Jun 3, 2026 • 11 min read Executive SummaryBitcoin has pulled back 13% over the last 7 days, falling back to the midpoint of the Realized Price to True Market Mean range, with the Short-Term Holder Cost Basis declining below the True Market Mean for the first time since January 2022, confirming later-stage bear market conditions.The 7-day SMA of the Realized Profit/Loss Ratio has collapsed from a local top reading of 3.16 to 0.29, mirroring the February panic wave, while…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Glassnode Insights.
