Bitcoin falls below $75.6K, trailing stocks as stablecoin supply contracts and ETFs see outflows. Key wallet cohorts begin accumulating.
Bitcoin has dropped below the Short-Term Holder Cost Basis of $75.6K, a critical threshold representing the average price paid by investors who purchased within the past 155 days. This decline comes amid a broader market environment where Bitcoin trails equities, stablecoin supply contracts at the fastest pace since June 2022, and US-based ETFs report net outflows.
Over the past 30 days, stablecoin supply has fallen by $14.2 billion, marking the steepest contraction since June 2022. Stablecoins, often used as cash reserves in the crypto market, are being redeemed for dollars and withdrawn from the market. This trend reduces the liquidity available for a potential Bitcoin rally. Additionally, Tether, the largest stablecoin, is trading slightly below its $1 peg, further reflecting market pressures.
US spot ETFs have seen $1.6 billion in net outflows over the past 20 sessions, crossing the $1.5 billion threshold used to define an outflow stretch. Historically, inflows have returned only after Bitcoin reached a market low. Meanwhile, Bitcoin continues to trade at a discount on Coinbase, the primary exchange for US investors. The 30-day average Coinbase Premium remains negative, signaling weak demand from US buyers.
5K, preserving the larger uptrend that began in August. However, the current price of $74K places it within the $73K to $76K band identified as critical support. 5K would restore profitability for about half of short-term holders.
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