Persistent Institutional ETF Outflows and Spot Selling
Bitcoin's price continues to face downward pressure, breaking below the $60,000 mark. The recent decline is primarily driven by continuous outflows from institutional Bitcoin ETFs, with Grayscale's GBTC recording the most significant capital exits. Spot selling has also dominated the market, amplifying the bearish sentiment. Despite the gloomy outlook, on-chain metrics provide key reference levels for potential price stabilization.
On-Chain Data Reveals Support Zone and Macro Headwinds
According to on-chain analysis, Bitcoin's realized price currently stands at approximately $53,400. This level has historically acted as a boundary between bull and bear markets and is now considered a solid support zone. Meanwhile, the average cost basis for short-term holders has dropped to $71,400, suggesting that recent buyers are accumulating at lower price levels rather than panic selling. On the macro front, a strengthening U.S. dollar and stable U.S. Treasury yields are reducing Bitcoin's appeal as a risk asset, adding to the correction pressure.
In summary, the convergence of the realized price near $53,400 and the declining cost basis of short-term holders may provide a reference for the next stage of price discovery. However, immediate market dynamics remain influenced by ongoing ETF outflows and macro headwinds.