Bitcoin Struggles to Exceed Spot ETF Holders' Average Price

IconCryptoNewsTerminal Staff10 Jul, 2024

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Bitcoin Struggles to Exceed Spot ETF Holders' Average Price

Bitcoin is currently encountering resistance in its attempt to surpass the average cost basis of spot ETF holders, which is estimated to be approximately $58,240. According to insights from Checkmate, the lead analyst at on-chain analytics firm Glassnode, spot ETF holders appear to be establishing buy walls to drive up this range. Meanwhile, US-based BTC spot ETFs have experienced substantial inflows for the second consecutive day. On the 8th, a net inflow of $295 million was recorded, followed by a $216 million net inflow on the 9th. These inflows indicate sustained institutional and investor interest in Bitcoin.