Bitcoin has continued to face downward pressure, breaking below the $60,000 threshold as market sentiment turns cautious. Institutional ETF outflows, particularly from GBTC, persist, with spot selling dominating the bearish move. Both on-chain metrics and macro factors are contributing to the search for a support level.
Institutional ETF Outflows and Spot Selling Dominate the Decline
After losing the $60,000 level, selling pressure has been primarily driven by institutional players. Bitcoin ETF funds, notably GBTC, have recorded sustained net outflows, reflecting large investors reducing exposure or repositioning. Consecutive sell orders on spot exchanges have further pushed prices lower. Such institutional-level exit flows tend to have a significant impact on short-term price dynamics.
On-Chain Data: Realized Price at $53,400 as Potential Bottom, Short-Term Holder Cost Drops to $71,400
On-chain data shows that Bitcoin's realized price — the average cost basis of all coins in circulation — currently stands near $53,400, which is viewed as a potential bottom zone. Meanwhile, the average cost basis of short-term holders (those holding for less than 155 days) has declined to $71,400, indicating that new capital is accumulating at relatively lower price levels. This downward shift in cost structures typically suggests that the market is clearing out weak hands in preparation for the next move.
Macro Headwinds: Strong Dollar and Stable Treasury Yields
The macro environment is also working against Bitcoin. The U.S. dollar index has strengthened, putting pressure on dollar-denominated assets. Meanwhile, U.S. Treasury yields remain steady, enhancing the appeal of fixed-income investments and diverting risk capital. Together, these factors create multiple headwinds for Bitcoin in the near term.