Bitcoin Holds Above Key Cost Basis Levels, Limiting Top-Heavy Risk
As of June 11, Bitcoin’s spot price remains above the cost basis for cohorts ranging from one week to six months, indicating limited top-heavy risk.
Glassnode’s cost basis breakdown shows:
- 1-week cost basis: $106,200
- 1-month cost basis: $105,200
- 3-month cost basis: $98,300
- 6-month cost basis: $97,000
The chart shared highlights BTC‘s positioning relative to the “top buyer cost basis” threshold—a level that, when breached, typically signals increased sell pressure from short-term holders. However, with current prices remaining above these short-term averages, the likelihood of widespread capitulation appears low.
This suggests that short-term investors are still largely in profit, reducing the risk of forced selling or panic exits. The data also points to a healthier market structure compared to periods where prices drop below recent buyer cost bases, often triggering elevated volatility and broader downside pressure.
In Glassnode’s terminology, a market becomes “top-heavy” when a large concentration of new buyers is underwater. At present, that scenario appears contained.
With Bitcoin maintaining its position above these critical levels, analysts may interpret the current market as fundamentally supported, with room for recovery or continuation if broader demand resumes.
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