Glassnode: Bitcoin capped by ETF outflows, inflation pressure

Bitcoin is experiencing selling pressure while trading below the average cost basis of investors from the past two years, according to Glassnode. The average entry price for holders in the six- to 12-month cohort is estimated at 88000, and for one- to two-year holders at 100000, both acting as resistance levels that hindered Bitcoin's gains this year. Long-term holder capitulation has eased, with realized losses among long-term holders falling about 85% since peaking on Aug. 12, a trend seen in previous bull markets. However, institutional demand is weakening again. U.S. spot Bitcoin ETFs saw approximately 3 billion in net inflows from Sept. 21 to Oct. 6, but shifted to around 760 million in net outflows after Oct. 7. A sustained recovery in ETF inflows would indicate a revival in demand. In the near term, breaking above 88000 and resuming ETF inflows could lead to further gains, while dropping below the 80000 support level may increase downside pressure toward approximately 78000.

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