Bitcoin slips below key cost-basis levels amid declining ETF demand and weak spot activity
Crypto Briefing
Bitcoin dropped below critical cost-basis levels due to reduced ETF demand and weak spot market activity.Summary
Bitcoin has fallen below crucial cost-basis levels, indicating potential market weakness as the digital asset faces pressure from two main factors: declining demand from Bitcoin ETFs and subdued activity in the spot market. The steady outflows from regulated spot Bitcoin ETFs have removed a significant source of buying pressure. This combination of weak spot demand and ongoing ETF redemptions has caused Bitcoin to breach important cost-basis thresholds used by traders to assess market health. Furthermore, derivatives markets reflect bearish sentiment, showing reduced engagement, declining open interest, and increased demand for downside protection strategies.
(Source：Crypto Briefing)