Bitcoin on-chain data suggests that BTC price has a bit further to fall.
) price has experienced mounting sell-side pressure, causing it to shed more than 5.5% over the last seven days and setting aon June 25. During this sell-off, BTC dropped below its short-term cost basis, risking a deeper correction, according to market intelligence firm Glassnode.
“If this structure persists, it has historically resulted in a deterioration of investor confidence, and risks this correction being deeper and taking longer to recover from.”short-term holder 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.
The report also highlights that the cost basis of the 1w-1m holders has plunged below the 1m–3m cost basis, signaling “a diminishing momentum in the demand side, and a net capital outflow from the asset.” Data from SoSo Value reveals that on June 25, Fidelity’s ETF FBTC led net inflows with $49 million, followed by the Bitwise Bitcoin ETF BITB with $15 million in inflows, and the VanEck Bitcoin Trust ETF HODL came in third with $4 million in net inflows.On the other hand, the Grayscale ETF GBTC had a single-day outflow of $30.2 million, while the ARK 21Shares Bitcoin ETF reported $6 million in net outflows.
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