Bitcoin Falls Below Short-Term Holder Cost Basis as Glassnode Flags $73,000 Support
Summary
- Bitcoin has fallen below the short-term holder average cost basis 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 US spot Bitcoin ETFs posted $1.6 billion in net outflows over the past 20 trading sessions.
- Glassnode said wallets holding 100 to 10,000 Bitcoin are showing signs of accumulation, and identified $73,000 as a key support level, warning that a break below it could prolong the sideways trading phase.
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 sitting on unrealized losses.
Glassnode said on Nov. 11 that Bitcoin is trading below the average entry price for short-term holders. The on-chain analytics firm estimates that about 65% of recent buyers are now holding the cryptocurrency below their purchase price.
Over the same period, stablecoin supply shrank by $14.2 billion in the past 30 days, the fastest contraction since June 2022. US spot Bitcoin exchange-traded funds also recorded $1.6 billion in net outflows over the past 20 trading sessions.
Even as demand weakens, wallets holding between 100 and 10,000 Bitcoin have started to show signs of accumulation.
Glassnode identified $73,000 as a key support level for Bitcoin and said a sustained move below that price could prolong the current sideways trading phase.
