Bitcoin forms the largest cost cluster in the $62,000-$65,000 range, but weak demand limits upside CryptoQuant analyst @theophiluspev shared that Bitcoin's recent pullback has brought approximately 155,000 BTC (0.7% of supply) into the realized price range of $62,000 to $65,000, forming the market's largest cost basis cluster. This indicates that buyers are accumulating during the dip rather than panic selling. Although strong on-chain accumulation and declining exchange reserves support the supply side, weak ETF inflows and sluggish spot trading volumes continue to cap the upside potential. Without macro catalysts or a return of institutional demand, Bitcoin may remain within the $62,000-$65,000 cost cluster range for now.