Bitwise: BTC bottom or in the cost price range of 84,000 for BlackRock IBIT and 73,000 for Strategy

Bitcoin is approaching the "maximum pain" range, with Bitwise's research director pointing out that $84,000 to $73,000 is a possible "maximum pain" sell-off range, which includes BlackRock's IBIT cost price of $84,000 and Strategy's BTC cost price of $73,000. He believes the ultimate bottom is likely to appear between these two prices, describing them as "liquidation prices," similar to a reset for the entire cycle.

IBIT saw a single-day outflow of $523 million this week, with a cumulative outflow of $3.3 billion over the past month, accounting for 3.5% of total assets under management. Strategy's net asset value has fallen below 1, and if the price retests the $73,000 cost price, it could further exacerbate market sentiment tensions. Additionally, uncertainty regarding whether the Federal Reserve will cut interest rates in December is increasing, and market liquidity may continue to tighten. Nevertheless, exchange stablecoin reserves have reached $72 billion, and if the macro environment improves, analysts expect BTC to fluctuate between $60,000 and $80,000 by the end of the year.