Garrett Jin, described in the PANews report as an agent for a "BTC OG insider whale," said Bitcoin is approaching a key supply zone between $80,000 and $82,500, where a large on-chain cost basis has formed. In his view, a daily close above $82,500 would indicate that selling pressure in that area is being absorbed. On the downside, he pointed to $76,600, a level close to the short-term holder cost basis, as an important line to watch.
Jin also said traders should monitor whether three indicators deteriorate at the same time: ETF inflows, the Coinbase premium, and realized profit and loss. The data he cited remained constructive. Spot Bitcoin ETFs have posted net inflows for eight straight days, totaling about $2.8 billion, while August has been the strongest month of the year at roughly $3.3 billion. On-chain, the 7-day EMA of realized net profit/loss was positive at about $752 million, made up of roughly $1.1 billion in profits and about $354 million in losses. Based on that backdrop, he said spot demand is coming in to absorb overhead supply, and described a consolidation range between $72,500 and $84,000 as the healthier setup for Bitcoin.
PANews reported on Aug. 28 that Garrett Jin, identified as an agent for a "BTC OG insider whale," said Bitcoin is nearing a key supply zone between $80,000 and $82,500, where a large amount of BTC has established an on-chain cost basis.
According to Jin, a daily close above $82,500 would show that selling pressure in that area is being absorbed. If price moves lower instead, $76,600 is the key downside level to watch, as it sits close to the short-term holder cost basis.
Three indicators in focus
Jin said the market should watch whether the following three indicators weaken at the same time:
- ETF inflows
- Coinbase premium
- Realized profit and loss
Fund flow and on-chain readings
He cited constructive fund flow data, with ETFs recording net inflows for eight consecutive days totaling about $2.8 billion. August has also been the strongest month of the year so far, with roughly $3.3 billion in net inflows.
On-chain data also stayed positive. The 7-day EMA of realized net profit/loss stood at about $752 million, with profits of around $1.1 billion and losses of about $354 million. Jin said spot demand is entering the market and absorbing supply overhead.
Preferred trading range
In Jin's view, the healthier price structure would be for Bitcoin to consolidate between $72,500 and $84,000.
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