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

On the other hand, fund flow data is positive. As of August 26, the US spot ETF has been absorbing funds for eight consecutive trading days, accumulating approximately $2.8 billion. The fund inflow in August has reached about $3.3 billion, making it the highest month in fund inflows so far this year. On-chain data shows that the seven-day moving average of net realized P&L is positive, at around $752 million, with realized profits close to $1.1 billion and realized losses at $354 million. Despite the overhead supply, 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 has been fully absorbed). On the downside, the key level is $76,600, a position close to 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 will constitute a real warning: ETF fund flow, Coinbase premium, and the seven-day moving average of net realized P&L.

On-chain data shows that on the early morning of August 26, Garrett Jin added a long position of 600 BTC at a price of $79,000, worth $47.4 million.