BTC's Realized Cap Contracts as ETF Outflows Weigh on Price

BTC's realized cap has contracted for the first time in a month after 27 consecutive days of growth, indicating stalled on-chain demand.

The U.S. spot Bitcoin ETFs recorded two outflow sessions, shedding $746.3 million across Sept. 15 and 16, while BTC stayed near the market mean.

According to Glassnode's analysis, a recovery test is necessary for renewed Realized Cap growth and two daily closes above $76,700 would restore the prior range.

The next important cost basis is roughly $71,300, with a heavier on-chain support zone between $62,000 and $65,000 below that.