According to an analysis published in CryptoQuant, the average cost of Bitcoin Spot ETFs at $57,000 has become one of the most important support levels in the 2024 bull rally. This level has become a critical fulcrum for the market, providing important psychological support for investors.
Excluding Grayscale Bitcoin Trust (GBTC) through 2024, the average cost of Bitcoin Spot ETFs is hovering around $57,000. Bitcoin has managed to stay above this level with only two exceptions throughout the year: the Japan-induced drop on August 5 and the sharp price correction on September 6.
The Power of Spot ETF Investors
Although the Bitcoin price fell below this level in the two periods mentioned, Spot ETF investors did not choose to sell their assets. Although there were small-scale outflows, there was no significant panic selling even during the “carry trade” crisis originating in Japan. This shows that investors continue to trust Bitcoin despite market conditions and act with a long-term perspective.
Contribution of Spot ETFs to the Market
The $57,000 level has become one of the most critical support points for Bitcoin’s 2024 bull rally. Spot ETFs stand out as an important element that increases investor confidence while providing a more regular entry into the Bitcoin market. This process is considered a successful example of the integration between traditional financial products and the Bitcoin ecosystem.
Spot ETFs have created a more transparent, regulated, and secure investment environment, which has facilitated the acceptance of Bitcoin among institutional investors. This long-term perspective has provided a solid foundation for the Bitcoin rally, creating a strong foundation for the market’s potential future developments.
