Bitcoin's potential bottom may be around $53,600, according to Julio Moreno, Head of Research at CryptoQuant. This level, the current realized price, has historically marked the bottom of bear markets. Bitcoin is currently trading at approximately $62,150, about 9% above this potential bottom. Despite this, demand conditions remain unfavorable. CryptoQuant reports a significant decrease in total demand by 652,000 BTC last week, marking the largest weekly drop since January 2022. Additionally, 30-day ETF demand growth has plummeted to -74,000 BTC, the weakest since ETFs were introduced. Realized losses over the past 30 days totaled 187,000 BTC, indicating that capitulation selling has not yet peaked. Moreno suggests that while the price level may indicate a bottom, a bull market requires a recovery in demand, which is not yet evident.