CryptoQuant: The average purchase price of BTC short-term holders is $63,000, which is expected to become the current support level

Odaily reports that CryptoQuant.com recently released a market outlook analysis, stating that BTC has risen over 23% in the past three weeks, from $52,500 to over $65,000. Part of the reason for this strong momentum is the increased demand for BTC spot ETFs. As a result, short-term holders are now back in profit. Short-term holders are investors who have moved BTC within the past 155 days, with an average purchase price of $63,000, and are expected to provide support. Additionally, the futures market shows signs of overheating, with open interest of around $19.1 billion. This metric has exceeded $18 billion six times since March 2024, each time followed by a price decline, and this is the seventh occurrence. Meanwhile, BTC spot ETF holdings are being converted into long-term holder supply. While this appears bullish, such a transition typically occurs in the late stages of a bull market.