Bitcoin falls below short-term holder purchase price of $75,600

Bitcoin has fallen below the $75,600 average cost basis of short-term holders, a key on-chain threshold that signals recent buyers are now underwater. Glassnode’s “Running on Empty” report also showed stablecoin supply contracted by $14.2 billion over the prior 30 days, indicating liquidity is draining from crypto markets. The data, reflecting flows through July 9 and prices as of July 11, points to weakening demand and reduced stablecoin firepower available to buy dips. A sustained break below the short-term holder cost basis raises the risk of further capitulation, while a reclaim of that level would ease pressure. Traders will watch whether stablecoin supply stabilizes and whether ETF inflows return to confirm any recovery in Bitcoin’s price.