Half of Bitcoin is underwater
BTC fell below its 200-week moving average, with 50% of circulating supply now underwater. Meanwhile, ETPs have recorded average daily outflows of 4,108 BTC since May 7, contributing to pushing BTC's daily RSI to its lowest level since November 2018.
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Many milestones (of negative character)Bitcoin briefly fell below $60,000 last week, marking new cycle lows and dipping under its 200-week moving average. More than half of the circulating supply traded at a loss, while BTC's daily RSI reached its lowest level since Nov 2018. The decline coincided with record BTC ETP outflows, averaging 4,108 BTC per day between May 7 and June 8. Another major focus was Strategy, who surprised markets by buying 1,550 BTC and raising $100m through its ATM program rather than executing a larger BTC sale to bolster its USD reserves.Spot market activity surged to four-month highs, with average daily BTC volume exceeding $5 billion for the first time since February. At the same time, volatility has climbed to a three-month high following BTC’s plunge from $70k to sub $60k levels. Se
