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Bitcoin Trades Below Cost Basis for Five Months; Long-Term Holders Lose $280M Daily

Market Analysis Capital Flow On-Chain Data Stocks Geopolitics Commodities

2026-07-08 18:08:30

BTC-2.32%

According to Glassnode, on July 8, Bitcoin has traded below the cost basis of both long-term and short-term holders for nearly five months, driving long-term holders to realize losses of roughly $280 million per day—the highest level since late 2022. The analytics firm attributed the pressure to rising crude oil prices and renewed geopolitical tensions, with West Texas Intermediate crude oil jumping 8% over the past week to around $74 per barrel following President Donald Trump's announcement that the ceasefire with Iran was "over." Bitcoin was trading around $62,000 on Wednesday afternoon, down 3% in the past 24 hours. Glassnode noted that while spot Bitcoin ETF outflows have eased from $193 million daily in early June to $89 million currently, a sustained cooldown in holder capitulation and stabilized ETF flows are required to confirm a market bottom.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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