PiCK
New Bitcoin Buyers Accumulated 570,000 BTC Since Late July at Average Cost of $75,000, Bitfinex Says
Minseung Kang
Summary
- Bitfinex said new investors have continued buying Bitcoin despite selling pressure in spot Bitcoin exchange-traded funds (ETFs).
- Bitfinex said new Bitcoin buyers have accumulated about 570,000 BTC since late July, with an average purchase price of about $75,000.
- Bitfinex said the $75,000 level has acted as support during pullbacks and that buying by new market participants has been supporting the lower end of Bitcoin's price range.
Forecast Trend Report by Period
New investors have continued buying Bitcoin even as spot Bitcoin exchange-traded funds have been selling, according to Bitfinex.
On October 17, the cryptocurrency exchange wrote on X, formerly Twitter, that new Bitcoin buyers have added about 570,000 BTC since late July despite ETF selling.
Bitfinex said their average purchase price was about $75,000. That level has acted as support each time Bitcoin has pulled back since August.
The exchange said buying by new market participants has helped support the lower end of Bitcoin's price range even as ETF fund flows have weakened.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.