Bitcoin Faces Selling Pressure Near $87,000 as ETF Cost Basis Sits at $81,500

Bitcoin (BTC) was at $80,380 at 10:39 a.m. ET (14:39 UTC) on Oct. 28. Cost bases for investors who bought in the past two years are concentrated at $87,000 and above, a range that capped two rebounds this year. Selling around that range checked both rebounds. Each was followed by a pullback of at least 25%. The $87,000-and-above range reflects the cost bases of investors who bought Bitcoin during the past two years. Bitcoin ETF holders have an average cost basis of about $81,500. Sustained closes below that level could leave the average ETF holder with an unrealized loss and weaken recent on-chain support. The ETF cost-basis figure adds another holder group to earlier coverage of selling pressure near $88,000 , which focused on sales by one- to two-year holders.

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