Capriole Investments founder Charles Edwards says Bitcoin has moved back to its "Production Cost" level, a mining-based metric he cites as a key long-term valuation area. The indicator is currently around $62,650, close to BTC's spot price near $62,400, while network hashrate has recently slipped to about 837 EH/s after frequently touching 1,000 EH/s in May.

On-chain metrics show the RSI for Bitcoin’s Stablecoin Supply Ratio (SSR) has fallen to 13, indicating stablecoin supply is large relative to BTC’s market cap. The drop comes as Bitcoin trades near $62,700, down nearly 10% over the last seven days. Analysts say it remains unclear whether sidelined stablecoin capital will rotate into BTC at these lower prices.

Glassnode lead research analyst CryptoVizArt said in a post on X that Bitcoin may struggle to sustain a recovery unless supply concentrated near prior highs moves to lower cost bases. The analyst pointed to Cost Basis Distribution data showing heavy supply between $80k and $126k, with an area approaching 495,000 BTC sitting above $80,000. Bitcoin fell to $59,000 last week and later traded around $63,200 on Monday.

Bitcoin has returned to the $63,000 area after falling from above $81,000 since mid-May and briefly dipping below $62,000 in June. Over the same window since BTC last traded at $63,000 in March 2024, spot ETFs absorbed 509,102 BTC and Strategy added 650,706 BTC. BTC was around $63,200 at the time of writing, down more than 13% over the past seven days.

Bitcoin slipped under $70,000 for the first time since April 7, extending weakness into early June and falling nearly 5% over the last 24 hours to around $69,400. The move triggered heavy derivatives shakeouts, with BTC contracts seeing $445 million in liquidations during the same 24-hour window and long positions making up more than 95% of the total.

XRP on-chain metrics showed the biggest single-day net exchange inflow of 2026, followed shortly by an even larger swing to net outflows. The inflow totaled 22.80 million XRP as price dipped to about $1.27, while a later reversal pulled 25.24 million XRP off exchanges. After rebounding above $1.36, XRP later retraced to around $1.30.

Large Ethereum wallets continued accumulating even as ETH weakened, pushing mega-whale holdings to a multi-week high. Investors holding at least 100,000 ETH now control 17.41 million tokens, equal to 22.03% of supply. ETH is also back below $2,000 after dropping more than 6% over the past week.

Cardano wallets holding at least 1 million ADA have pushed their combined balance to the highest level since December 2017, as the group kept adding to positions. The cohort now holds 25.11 billion ADA, equal to 64.49% of circulating supply, while ADA was around $0.23 at the time of writing, down nearly 6% over the past week.

Bitcoin’s perpetual futures Funding Rate has recently moved back into positive territory, indicating longs are paying shorts and bullish positioning is leading. Over the past day, $104 million in Bitcoin-linked positions were liquidated, with more than $85 million tied to long bets. BTC later traded back around $75,900 after the pullback.