Garrett Jin: Bitcoin Needs to Digest Selling Pressure at $82,500, Advises Monitoring Three Key Metrics

BlockBeats News, August 28th, "BTC OG Insider Whale" agent Garrett Jin released a market outlook stating that Bitcoin is approaching a supply-dense area. The key range is still $80,000 to $82,500, where a significant amount of Bitcoin's on-chain cost basis is located. This was formed during the final surge before the sell-off, although not all of these tokens need to be transacted.

On the other hand, fund flow data is showing positive signs. As of August 26th, the U.S. spot ETF has been attracting funds for eight consecutive trading days, with a total accumulation of about $2.8 billion. The inflow in August has reached around $3.3 billion, making it the highest inflow month of the year. On-chain data shows that the net seven-day realized profit and loss moving average is positive, at around $752 million. The realized profit is close to $1.1 billion, while the realized loss is $354 million. Despite the presence of supply above, spot demand is pouring in.

Garrett Jin believes that if Bitcoin continues to close above $82,500, it will indicate that the chip turnover is nearing completion (supply is being absorbed). On the downside, the key level is $76,600, a level close to the short-term holders' cost basis. A daily close below this level can still be managed. However, if at least two out of the following three deteriorate simultaneously, it would constitute a true warning: ETF fund flows, Coinbase premium, and the net seven-day realized P&L moving average.

On-chain information shows that Garrett Jin added 600 BTC long positions at a price of $79,000 early on August 26th, worth $47.4 million. He currently holds 1,868 BTC ($147 million) in long positions, with an average price of $77,090 and an unrealized profit of $2.78 million.