Bitcoin falls below TMM analysis… spot ETFs see $1 billion in net outflows over 2 weeks

Bitcoin has fallen below its True Market Mean (TMM), an on-chain metric estimating the average acquisition cost of active investors, after reversing its post-US midterm election rally, according to an AMBCrypto analysis updated on the 7th. The drop below TMM signals that the market price has slipped under the estimated cost basis of active holders, though the metric alone does not confirm that buy orders are waiting at that level. TMM is tracked separately from the short-term holder average acquisition cost, as the two gauges reflect different holder cohorts. The move comes as spot Bitcoin ETFs recorded about $1 billion in net outflows over two weeks, according to Glassnode's weekly on-chain report published on the 4th.