PiCK
New Bitcoin Buyers Accumulate 570,000 BTC Since Late July at $75,000 Average, Bitfinex Says
Summary
- Bitfinex said new investors have continued buying despite selling in spot Bitcoin (BTC) exchange-traded funds (ETFs).
- Bitfinex said new Bitcoin buyers have accumulated an additional 570,000 BTC since late July, with an average purchase price of about $75,000.
- Bitfinex said that price range has served as support during pullbacks, with buying by new market participants helping underpin Bitcoin's downside even as ETF fund flows weaken.
Forecast Trend Report by Period
New investors have kept buying Bitcoin even as spot Bitcoin exchange-traded funds have been selling, according to Bitfinex.
On October 17, the cryptocurrency exchange wrote on X, formerly Twitter, that new Bitcoin buyers have accumulated about 570,000 BTC since late July despite ETF selling.
Bitfinex said their average purchase price was about $75,000. That level has acted as support each time Bitcoin has pulled back since August.
The exchange said the trend shows buying by new market participants is helping support the lower end of Bitcoin's price even as ETF fund flows weaken.
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