Bitcoin Tops $63,000 as Ethereum Withdrawals Reach Record
The cryptocurrency market extended its recovery over the weekend, with Bitcoin pushing above the $63,000 level while on-chain indicators pointed to growing long-term accumulation across both Bitcoin and Ethereum.
Summary:
- Bitcoin held above $63,000 as the crypto market extended its recovery.
- Bitcoin’s Realized P/L Ratio reached its lowest level since 2022, historically associated with market bottoms.
- Ethereum withdrawals from Binance climbed to a three-year high, signaling growing on-chain activity.
- Analysts say accumulation, DeFi demand and MiCA-related transfers all contributed to the spike.
The broader cryptocurrency market continued its recovery, supported by steady gains across several large-cap digital assets.
Total cryptocurrency market capitalization increased to approximately $2.19 trillion, up 1.62% over the previous 24 hours.
Bitcoin trades at $63,175, rising 1.71% over the past 24 hours and 4.45% during the previous seven days. Ethereum outperformed Bitcoin on a weekly basis, climbing 12.55% to around $1,792, while XRP gained 4.29% and Solana added 14.43% over the past week. Dogecoin also advanced more than 5%, reflecting broader participation beyond Bitcoin.
Despite improving market performance, investor confidence has yet to fully recover. The CoinMarketCap’s crypto Fear & Greed Index remained at 27, still within the “Fear” zone, while the Altcoin Season Index rose to 52, suggesting capital is beginning to rotate more evenly across the digital asset market rather than remaining concentrated solely in Bitcoin.
Bitcoin Indicator Reaches Level Historically Linked to Market Bottoms
One of the strongest signals supporting the recent recovery comes from Bitcoin’s on-chain data.
According to CryptoQuant, Bitcoin’s Realized Profit/Loss Ratio has declined to -0.35, marking its lowest reading since 2022 and the first time the indicator has reached that level in approximately 43 months.
The metric measures the proportion of Bitcoin supply being realized at a profit versus a loss, using a moving average to smooth daily fluctuations. Negative readings indicate that investors are, on average, realizing more losses than profits when moving coins on-chain.
Historically, similar readings have coincided with periods of widespread capitulation that later developed into longer-term market bottoms. Previous cycles in 2015, 2019 and 2022 all saw the indicator fall into deeply negative territory before Bitcoin entered sustained recovery phases.
The latest reading does not guarantee that Bitcoin has established its cycle low. However, it suggests that much of the speculative selling pressure may already have been absorbed by the market, reducing the supply of investors willing to sell at a loss if demand continues improving.
Ethereum Withdrawals Reach Three-Year High
Ethereum is also showing signs of changing investor behavior.
CryptoQuant data, shared by analyst Darkfrost via X shows that Binance processed more than 166,000 Ethereum withdrawal transactions in a single day, the highest level recorded since March 2023 and the strongest daily withdrawal activity in more than three years.
The surge occurred as Ethereum rebounded roughly 10% over the previous two trading sessions after declining approximately 67% from its August 2025 peak – a correction significantly deeper than Bitcoin’s decline over the same period.
Large exchange withdrawals are closely monitored because they often indicate investors are moving assets away from centralized exchanges. When coins leave exchanges, they become less immediately available for sale, which can reduce short-term selling pressure if the assets are transferred into long-term custody.
READ MORE: Bitcoin Holds Above $62,000 as ETF Inflows Return
One explanation is that investors viewed prices near $1,500 as an attractive entry point and transferred newly purchased Ethereum into private wallets for long-term holding. Such behavior has historically been associated with accumulation phases rather than speculative trading.
However, the withdrawal activity likely reflects several overlapping factors rather than a single market narrative.
Multiple Factors Likely Drove the Withdrawal Surge
Not every Ethereum withdrawal necessarily represents long-term investment demand.
Some transfers may have been driven by investors repositioning capital into decentralized finance (DeFi) protocols to generate yield through staking, lending or liquidity provision. In these cases, assets leave centralized exchanges but remain actively deployed within the broader crypto ecosystem rather than moving into cold storage.
Regulatory developments may also have contributed.
The implementation of the European Union’s Markets in Crypto-Assets (MiCA) framework on July 1 generated uncertainty among some market participants. Although MiCA never introduced restrictions on cryptocurrency withdrawals, confusion surrounding the new regulatory requirements prompted some users to move assets into self-custody before the rules took effect.
As a result, the record withdrawal volume should not be interpreted solely as evidence of accumulation. Nevertheless, the scale of the activity suggests that a meaningful portion of investors chose to reduce exchange exposure at a time when Ethereum prices were recovering, an indication that confidence may be gradually returning following months of market weakness.
Liquidations Continue as Recovery Challenges Bearish Positions
While on-chain data points toward improving long-term positioning, derivatives markets continue to experience elevated volatility.
The latest liquidation data shows Ethereum accounted for approximately $85.12 million in liquidated positions over the past 24 hours, the largest share among major cryptocurrencies. Bitcoin followed with roughly $70.98 million, while Solana recorded $17.41 million. Additional liquidations were spread across XRP, Hyperliquid and several mid-cap tokens.
The concentration of liquidations in Ethereum and Bitcoin reflects the significant leverage that remains embedded within crypto derivatives markets. As prices recover, heavily leveraged short positions become increasingly vulnerable, creating additional buying pressure through forced liquidations and potentially reinforcing upward price momentum.
Taken together, improving market performance, historically depressed Bitcoin profit realization and record Ethereum withdrawals present a market that appears to be transitioning away from widespread capitulation toward gradual accumulation.
Although macroeconomic conditions and regulatory developments will continue influencing short-term price action, on-chain data suggests long-term investors are becoming increasingly active as digital assets recover from one of their deepest corrections in recent years.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
