Bitcoin Dives Below True Market Mean Amid Weak Demand

Bitcoin has slipped below its True Market Mean at $76,700 and is trading at $76,148, despite remaining relatively resilient in the face of a failed Clarity Act Senate vote, FOMC rate hike, and broader altcoin sell-off.

Glassnode reported that BTC's decline placed it 1% below the True Market Mean, which represents the average price paid by active investors. This move comes after brief periods where Bitcoin fell below this level on August 23 and September 10 before recovering.

The next cost basis down is the Short-Term Holder Cost Basis at $71.3K, the average price paid for coins bought in the last five months, according to Glassnode.

A slowdown in new capital entering the Bitcoin market has also been observed, with the Realized Cap increasing for 27 consecutive days through September 14 before ending its streak on Tuesday when it recorded its first outflow in 28 days.