🚨A bad news:

The median cost of short-term holders of bitcoin:native is $74,800, having experienced losses for 8 consecutive months, with an average unrealized loss of about 14.4%.

The logic behind this batch of funds buying BTC is different from the previous round of veteran investors in the crypto space, as many are asset allocation funds, macro trading funds, and ETF channel funds.

However, there is a relatively positive piece of news:

The 90-day STXO average for long-term BTC holders has dropped to 962 BTC, the lowest since November 2024, indicating a decrease in selling pressure from old coins, and the underlying situation remains relatively stable.

The current status of BTC represents a typical pricing adjustment period after institutionalization.

This round involves many asset allocation funds, macro trading funds, and ETF channel funds; the lack of continued price rewards for buyers makes it difficult for the market to attract the next batch of more aggressive buyers.

Moreover, it is quite subtle that $75,000 is also the average cost line for Strategy;

The duration of BTC's low levels and whether the capital markets continue to provide funding to Saylor directly determine whether it will become the biggest chronic bomb of this round.

Damn, it's a bit like the Sword of Damocles!

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