Bitcoin's 'Average Purchase Price' Has Collapsed...Fund Inflows Also Ended on the 27th

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Bitcoin (BTC) has fallen below $76,700, the 'True Market Mean,' a key on-chain indicator representing the average purchase price for investors. As new fund inflows slow down, Glassnode has suggested $71,300 as the next major on-chain cost basis below the current price.

According to investment media FXStreet on September 17 (local time), Bitcoin broke out of its recent trading range and the True Market Mean of $76,700. This indicator represents the average price paid by active investors in the market. BTC briefly dipped below this price on August 23 and September 10 before recovering, but on Tuesday, it closed below that level following the Senate vote on the U.S. crypto market structure bill, the Clarity Act. Glassnode identified $71,300, the Short-Term Holder Cost Basis, which is the average price of Bitcoin purchased over the past five months, as the next lower cost basis.

New fund inflows have also weakened. Bitcoin's Realized Cap increased for 27 consecutive days until September 14 but recorded outflows for the first time in 28 days on Tuesday. In contrast, Bitcoin held by exchanges continues to decrease, and the 30-day Exchange Net Position Change also remained negative. Spot crypto ETFs, including U.S. Bitcoin spot ETFs, saw net outflows of approximately $334 million from September 8-14. This contrasts with the approximately $1 billion inflow over a few days in early September.

Market liquidity also shows no clear expansion. The total stablecoin market capitalization was approximately $306 billion, with little change over the week, and is about 4% lower than its April 2026 peak. Stablecoin supply growth recovered from negative territory in the summer but has not reached new highs in the past five months. Bitcoin purchases by listed companies have also decreased. The amount purchased by companies in the past three months was approximately 5,900 BTC, significantly lower than the 89,000 BTC purchased in July 2025 alone.

The Corporate Treasury Cost Basis for Bitcoin is $80,500, which is approximately 6% higher than the recent BTC price. Bitcoin tested $80,500 twice after falling below this price in January and attempted to break it on September 3, but failed each time. Glassnode analyzed that if the daily change in Realized Cap turns positive again, it could signal a return of buying interest, but if outflows continue while the price remains below the True Market Mean, it could mean that investors who bought in the recent trading range are starting to exit.

The altcoin weakness was more pronounced than Bitcoin's. Following the Senate vote on the Clarity Act, the median decline rate for the top 100 cryptocurrencies by market capitalization was about 2 percentage points greater than BTC's, and the proportion of the top 100 cryptocurrencies above their 20-day moving average sharply dropped from 56% to 19% in a single trade. However, Glassnode assessed that most are still above their 50-day moving average, and not many assets have reached 30-day lows, indicating that long-term trends have not worsened to the same extent. At the time of writing, Bitcoin was trading at $76,148, up 0.3% over 24 hours.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*