Bitcoin Price Nears Spot Demand Turn as BlackRock Frames 50% Drop as Market Reset

TLDR

• Bitcoin has fallen about 50% from its $126,000 peak to lows near $60,000.
• BlackRock links the correction to leverage, holder selling and changing Fed expectations.
• BTC whales have accumulated more than $2.9 billion in BTC over the past 60 days.
• Bitcoin’s 30-day apparent spot demand has recovered from -206,000 BTC to about -5,000 BTC.
• Past positive spot-demand turns produced a median 18.1% BTC gain over the following 60 days.

Bitcoin is trading in the $63,000 to $65,000 range after losing roughly half its value from its October 2025 peak near $126,000. BlackRock has framed the decline as a market-positioning correction rather than a breakdown in Bitcoin’s underlying investment case, pointing to leverage, holder selling and changing interest-rate expectations.

The latest on-chain data is also showing a shift in spot demand. Bitcoin’s 30-day apparent spot demand has recovered from about -206,000 BTC on July 23 to roughly -5,000 BTC, placing the measure close to turning positive for the first time since February 26.

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