$BTC rebounds 78000, where did the buy orders go?
BTC rebounded to around $780,000, but several key buying orders didn’t come back along with it.
Glassnode data for Sep 17: In the past 3 months, listed companies have only net-bought about 5,900 BTC. Last July alone, they bought 89,000 BTC in one month. The average cost basis of corporate treasuries is about $805,000, and they are still in an overall unrealized loss.
In addition, three other signals are also weak: U.S. spot ETFs this year still need about $1 billion more to turn into net inflows; Coinbase’s premium has been negative for most of the time since May; and the total stablecoin supply has stalled around $300–$310 billion.
$805,000 is the average break-even level for corporate treasuries. Once the price reaches there, the potential selling pressure from positions getting un-stuck may increase.
I don’t recommend shorting against the rebound. If BTC holds today’s low at $760,000, it remains tilted bullish; if the daily chart stabilizes above $805,000, and ETF or Coinbase buying improves, then add to your position. If it breaks below $760,000, reduce risk.
#BTC #比特币 #on-chain data
BTC rebounded to around $780,000, but several key buying orders didn’t come back along with it.
Glassnode data for Sep 17: In the past 3 months, listed companies have only net-bought about 5,900 BTC. Last July alone, they bought 89,000 BTC in one month. The average cost basis of corporate treasuries is about $805,000, and they are still in an overall unrealized loss.
In addition, three other signals are also weak: U.S. spot ETFs this year still need about $1 billion more to turn into net inflows; Coinbase’s premium has been negative for most of the time since May; and the total stablecoin supply has stalled around $300–$310 billion.
$805,000 is the average break-even level for corporate treasuries. Once the price reaches there, the potential selling pressure from positions getting un-stuck may increase.
I don’t recommend shorting against the rebound. If BTC holds today’s low at $760,000, it remains tilted bullish; if the daily chart stabilizes above $805,000, and ETF or Coinbase buying improves, then add to your position. If it breaks below $760,000, reduce risk.
#BTC #比特币 #on-chain data
