On-chain data indicates that the Short-Term Holder Cost Basis is around $78,000
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Bitcoin’s price action is currently trapped between two forces.
Key facts
On-chain data shows that the Short-Term Holder Cost Basis is around $78,000, while the True Market Mean is sitting close to $78,300
Glassnode’s Realized Profit/Loss Ratio is at 1.56, which confirms that Bitcoin has seen net positive capital flow since the $60,000 floor
Many recent buyers accumulated between $75,000 and $78,000, pushing their cost basis close to the true market mean
At the same time, US Spot Bitcoin ETF demand has started to weaken again, with flows turning negative over the past two weeks and recording a $733.43 million outflow in the last 24 hours alone
Summary
Bitcoin’s latest price action has turned into a fight for control around one of the most important areas. On-chain data shows that the Short-Term Holder Cost Basis is around $78,000, while the True Market Mean is sitting close to $78,300. According to data from on-chain analytics platform Glassnode, Bitcoin’s short-term holder cost basis is currently at about $78,000. There’s also Bitcoin’s true market mean, which makes the $78,000 price level even more important.