Bitcoin is struggling. In the last 4 trading days, Bitcoin has dropped more than 10%, from $70,100 to the current price of $62,500. 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.
As Bitcoin moves down, this is the level to watch in my opinion.
Written by maartunn
