Is Bitcoin’s on-chain floor approaching $30,000?
Ki Young Ju says that even if all ETF funds and treasury $BTC holdings were withdrawn, the cost basis would still point to that level. This is based on realized price and previous MVRV bottoms. $10k would require MVRV to fall to a level lower than any seen before. Buyers in 2019 already weathered two 75% declines.
Cost basis shows where holders are sitting on unrealized losses. But it doesn’t prevent the price from falling. Sharp sell-offs have broken below these levels before.
#GateWCTCS9GlobalTradingCompetition
Ki Young Ju says that even if all ETF funds and treasury $BTC holdings were withdrawn, the cost basis would still point to that level. This is based on realized price and previous MVRV bottoms. $10k would require MVRV to fall to a level lower than any seen before. Buyers in 2019 already weathered two 75% declines.
Cost basis shows where holders are sitting on unrealized losses. But it doesn’t prevent the price from falling. Sharp sell-offs have broken below these levels before.
#GateWCTCS9GlobalTradingCompetition