glassnode
@glassnode
Digital asset data, analytics, and research.
Joined July 2018
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BTC treasury companies are in profit but barely buying.
They hold $BTC at a cost basis of about $80K, and price has closed above it since September 18.
In profit, buying can feed on itself: purchases lift price, price lifts their shares, and their shares fund more purchases.
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Binance asks and the biggest liquidation clusters sit around $87K.
The top buyers still cap $BTC price near the same levels.
A daily close above that level with ETF inflows would show buyers absorbing the supply.
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