Bitcoin is struggling. In the last 6 trading days, Bitcoin has dropped more than 18%, from $70,100 to the current price of $58,000. When Bitcoin declines sharply, it's important to look at the on-chain support levels.
One of my favorite support levels is the Realized Prices. These come in various forms, such as the standard one, but also for short-term and long-term holders. Recently, another highly relevant one has emerged: the Realized Price of ETF providers. I mainly look at BlackRock, as it is the largest ETF provider.
Since the inception of the ETF, BlackRock has acquired more than 330k Bitcoin. The average purchase price is currently $58,755, but this changes daily. During the dips on May 2 and early July, BlackRock ETF investors seized the opportunity to buy the dip. The price rose after it reached the Realized Price.
The main question for now is: will they take advantage of buying more at their cost basis and thereby establish a bottom? All eyes on the ETF-markets tomorrow
Written by maartunn
