Bitcoin Price Drop Below Traders’ Cost Basis Warns of Deeper Sell-Off
Bitcoin price fell below traders’ average entry point, leading analysts to caution that the current sell-off could continue.
- Bitcoin price has experienced mounting sell-side pressure, causing it to shed more than 5.5% over the last seven days and setting a six-week low at $58,400 on June 25.
- Since mid-June, the spot price has plunged below the cost basis of both the 1w-1m holders($68.5k) and 1m-3m holders ($66.4k), according to market intelligence firm Glassnode.
Bitcoin short-term holder (STH) cost basis – or realized price – is a metric that represents the average acquisition price of BTC for investors who are considered short-term holders, typically defined by the movement of coins that have been held for less than 155 days.
Spot Bitcoin ETFs see an uptick in inflows
- On June 25, the 11 U.S.-based spot Bitcoin ETFs saw minor inflows totaling $31 million and ending a seven-day streak of outflows.
- The 11 spot Bitcoin funds that began trading on January 11 have seen net inflows of $14.42 billion with more than $53.56 assets under management.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.