ARK Invest Report: U.S. Spot Bitcoin ETF Costs Investors More Than Bitcoin Price by End of August
Cathie Wood ARK Invest released its monthly report stating, “During the month of August, the price of Bitcoin declined by 8.7% to $58,972. At the end of August, Bitcoin failed to break above its 200-day moving average and short-term holder's cost basis of $63,693 and $63,245, respectively. Currently, Bitcoin's most important price supports are at $52,000 and $46,000.
The decline in the price of bitcoin in 2024 is consistent with adjustments in the major trends of historical bull markets.
As of the end of August, the estimated cost basis for investors in the U.S. Spot Bitcoin ETF had risen above the price of bitcoin, suggesting that ETF holders are facing losses on average.
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