Bitcoin Tops Cost Basis But Still 62% of Recent Coins Underwater

Glassnode’s November 4 report estimated that about 62% of Bitcoin held for under roughly five months was below its acquisition price, even though Bitcoin traded around $77,900, above that group’s average cost. The report described the roughly 10% pullback from September’s high as a retest of levels Bitcoin reclaimed in August, including the $77,700 True Market Mean and $75,700 short-term-holder cost basis. It placed that cost basis inside a $73,000–$76,000 band of remaining long-liquidation levels, where leveraged longs would be forced to sell. U.S. spot Bitcoin exchange-traded funds had net outflows of about $1.16 billion over three sessions through November 3, including $643.2 million on October 30.