CoinDesk
Bitcoin has retreated below $84,000, leaving the 2025 buyer cohort as the only yearly group still underwater. That cohort’s average purchase price is about $88,000. U.S. spot bitcoin ETF investors have a lower average cost basis of approximately $82,300, a level that could provide support if the pullback deepens.
Why it matters
Yearly buyer cost bases can act as both support and resistance. As bitcoin approaches an average purchase price, some holders may sell near break-even, while others may add to positions. The 2025 cohort’s $88,000 level therefore marks a potential hurdle on a recovery, while ETF investors’ $82,300 basis is a level to watch below the current price.
Past trading offers context, but not a guarantee. Bitcoin reached about $82,100 in May, near the 2024 cohort’s cost basis, before meeting resistance and falling to $60,000. It later broke above that level in August. The 2023 cohort’s cost basis, now around $65,000, has repeatedly served as support, including during a February drop toward $60,000, though bitcoin briefly traded below it.
Market impact
The 2026 cohort’s average cost basis is approximately $73,500, and those buyers have largely remained in profit since bitcoin moved above that threshold in late August. The ETF level may carry added weight because investors in those funds only recently returned to profit for the first time this year.
For traders, the cost-basis map puts $82,300 in focus during further weakness and roughly $88,000 in view if bitcoin recovers. Whether either level holds will depend on trading around those prices; neither is guaranteed support or resistance.
Frequently asked questions
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Which Bitcoin buyer cohort is still underwater?
The 2025 cohort is the only yearly buyer group still underwater, with an average purchase price of about $88,000.
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What is the average cost basis for U.S. spot bitcoin ETF investors?
Their average cost basis is approximately $82,300, a potential support level if bitcoin’s pullback continues.
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How have Bitcoin buyer cost bases acted during past price moves?
They have acted as support or resistance in some instances. Bitcoin met resistance near the 2024 cohort’s cost basis around $82,100 before later breaking above it.
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What level has the 2023 Bitcoin buyer cohort’s cost basis provided?
The 2023 cohort’s cost basis is around $65,000 and has repeatedly provided support, although bitcoin briefly traded below it.
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What is the 2026 Bitcoin cohort’s average cost basis?
It is approximately $73,500. Buyers in that cohort have largely been in profit since bitcoin moved above that threshold in late August.
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