CryptoQuant: The average purchase price for short-term holders of BTC is $63,000, which is expected to provide support

2024-09-30 13:53:46

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ChainCatcher news, CryptoQuant released a market outlook analysis indicating that BTC has risen over 23% in the past three weeks, from $52,500 to over $65,000. This strong momentum is partly due to increased demand for Bitcoin spot ETFs.

As a result, short-term holders are back in profit. Short-term holders are investors who have transferred Bitcoin within the past 155 days, with an average purchase price of $63,000, and are currently expected to provide support.

Additionally, the futures market shows signs of overheating, with open interest in contracts around $19.1 billion. Since March 2024, this metric has exceeded $18 billion six times, each time leading to a price drop, and this is the seventh occurrence.

Meanwhile, the supply of spot Bitcoin ETF holdings is converting into long-term holders. While this appears bullish, such a shift typically occurs late in a bull market.

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BTC ETF support level

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