Bitcoin Drops Below Short-Term Holders’ Cost Basis; Glassnode Flags $73,000 Support
Summary
- It said about 65% of investors who bought recently are now sitting on unrealized losses as Bitcoin fell below the average purchase price for short-term holders.
- It also said stablecoin supply fell by $14.2 billion over the past 30 days, while US spot Bitcoin ETFs recorded $1.6 billion in net outflows.
- Glassnode identified $73,000 as a key support level for Bitcoin and said a sustained move below that price could prolong the sideways trading phase.
Forecast Trend Report by Period
Bitcoin has fallen below the $75,600 average cost basis for short-term holders, leaving about 65% of investors who bought recently sitting on unrealized losses.
According to on-chain analytics firm Glassnode, Bitcoin is trading below the average entry price for short-term holders. Its analysis showed that about 65% of recent Bitcoin buyers are holding the token below their purchase price.
Over the same period, stablecoin supply shrank by $14.2 billion over the past 30 days, the fastest decline since June 2022. US spot Bitcoin exchange-traded funds also recorded $1.6 billion of net outflows over the past 20 trading sessions.
Even as demand weakens, accumulation has begun to emerge among wallets holding between 100 and 10,000 Bitcoin.
Glassnode identified $73,000 as a key support level for Bitcoin. A sustained move below that price could prolong the current sideways trading phase.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.