Garrett Jin adds a 600 BTC long position worth $47.4M at $79K

Odaily Planet Daily reports that, according to Garrett Jin’s monitoring, Bitcoin is approaching a dense supply zone, with the key region still at $80,000 to $82,500. A large volume of Bitcoin’s on-chain cost basis lies within this range, which formed during the final rally before the prior sell-off—though not all related tokens require trading. As of August 26, U.S. spot ETFs have attracted funds for eight consecutive trading days, accumulating approximately $2.8 billion, with total inflows for August reaching about $3.3 billion, making it the highest-funded month this year. On-chain data shows the seven-day moving average of net realized profit/loss is positive, at approximately $752 million, with realized profits nearing $1.1 billion and realized losses at $354 million. Despite上方 supply pressure, spot demand is flowing in. Garrett Jin believes that if Bitcoin sustains closes above $82,500, it will indicate that position rotation is completing and supply has been adequately absorbed. On the downside, the key level is $76,600, near the cost basis of short-term holders. A single-day close below this level is manageable, but if at least two of the following three indicators—ETF fund flows, Coinbase premium, and the seven-day exponential moving average of net realized profit/loss—deteriorate simultaneously, it would serve as a warning. On-chain data shows that Garrett Jin’s address added 600 BTC long positions at $79,000 on the morning of August 26, valued at $47.4 million.