📢 Flash
Glassnode: Bitcoin Breaks Below Short-Term Cost Basis Amid Capital Outflows, But Trend Remains Intact
Author: Glassnode
Compiled by: Gu Yu
The Bitcoin price has fallen below the short-term holder cost basis ($756,000) and is underperforming relative to equity markets; meanwhile, stablecoin supply is contracting at its fastest pace since June 2022, Bitcoin ETFs are experiencing sustained net outflow, and BTC trading on Coinbase is trading at a discount. Capital outflows are evident, and long position leverage has been substantially liquidated during this downturn—buy-side order book depth now exceeds sell-side depth, and two major wallet address cohorts have initiated increases in holdings. Despite price pressure, the August trend reversal thesis remains valid, with support anchored above the June lows.
Compiled by: Gu Yu
The Bitcoin price has fallen below the short-term holder cost basis ($756,000) and is underperforming relative to equity markets; meanwhile, stablecoin supply is contracting at its fastest pace since June 2022, Bitcoin ETFs are experiencing sustained net outflow, and BTC trading on Coinbase is trading at a discount. Capital outflows are evident, and long position leverage has been substantially liquidated during this downturn—buy-side order book depth now exceeds sell-side depth, and two major wallet address cohorts have initiated increases in holdings. Despite price pressure, the August trend reversal thesis remains valid, with support anchored above the June lows.
