Glassnode
Bitcoin remains below key cost-basis levels: buyers from the past two years break even above $88K, while spot ETFs have returned to net selling. The ETF cost basis near $81.5K has held in two tests.
Why it matters
The gap between current levels and the $88K breakeven point leaves recent buyers below their entry level. Continued ETF net selling adds a separate source of pressure to the market.
Market impact
The $81.5K ETF cost basis is the level to watch in the data, having held twice so far. A break below it would remove that observed support, while renewed ETF buying could ease the selling pressure.
Frequently asked questions
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At what price do buyers from the past two years break even?
Those buyers break even above $88K, according to the seed.
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What is happening with spot ETF flows?
Spot ETFs are net sellers again, adding selling pressure to the market.
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Where is the ETF cost basis?
The ETF cost basis is near $81.5K.
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How many times has the ETF cost-basis level held?
The level near $81.5K has held twice so far.
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Why is the $81.5K level being watched?
It marks the ETF cost basis and has held in two tests, while ETFs have returned to net selling.
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