Bitcoin Plunges Below True Market Mean Amid Weakened Capital Inflows
Bitcoin's recent price action has seen it drop below its True Market Mean of $76,700, a level that represents the average price paid by active investors. According to Glassnode, this decline is accompanied by a slowdown in new capital entering the Bitcoin market, with Bitcoin's Realized Cap recording its first outflow in 28 days.
The next cost basis down for Bitcoin is the Short-Term Holder Cost Basis at $71,300, which represents the average price paid for coins bought in the last five months. This level was briefly breached by Bitcoin on August 23 and September 10 before recovering, but closed below it on Tuesday following the Senate vote on the CLARITY Act.
US spot crypto ETFs have also weakened, with approximately $334 million in net outflows between September 8 and 14. The median top-100 altcoin has fallen two percentage points more than Bitcoin, while the share above their 20-day moving average has dropped to 19%.