Summary
- Bitcoin has fallen below the average cost basis for short-term holders of $75,600, leaving about 65% of recent buyers with unrealized losses.
- Over the past 30 days, stablecoin supply has fallen by $14.2 billion, while U.S. spot Bitcoin ETFs have recorded $1.6 billion in net outflows.
- Glassnode identified $73,000 as a key support level for Bitcoin, warning that the current sideways phase could be prolonged if the token remains below that price.
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 with unrealized losses.
Glassnode said on Nov. 11 that Bitcoin is trading below the average entry price for short-term holders. Its analysis showed about 65% of recent Bitcoin buyers are holding the token below their purchase price.
Over the same period, stablecoin supply fell by $14.2 billion in the past 30 days, the sharpest decline since June 2022. U.S. spot Bitcoin exchange-traded funds also recorded $1.6 billion in net outflows over the past 20 trading days.
Even as demand weakens, wallets holding between 100 and 10,000 Bitcoin have begun to show signs of accumulation.
Glassnode identified $73,000 as a key support level for Bitcoin and warned that a prolonged sideways phase could follow if the token stays below that price.
JH Kim
