Bitcoin Reclaims Cost Basis as ETF Inflows Hit Nearly $1 Billion
Bitcoin's price has reclaimed a key level of $81,722, marking a significant milestone for holders of US spot Bitcoin exchange-traded funds (ETFs). This threshold represents the aggregate average entry price for every holder of these ETFs, and closing above it means that most ETF investors are now in the black. The significance of this threshold lies not just in individual break-even points but in its impact on investor sentiment and positioning.
The reclaiming of $81,722 comes as US spot Bitcoin ETFs have seen nearly $1 billion in net inflows over the past day, with BlackRock's IBIT leading the pack. This influx of capital has pushed the aggregate cost basis higher, making it a moving target that will shift upward if demand persists.
While this development is significant, Bitfinex cautions against viewing the $81,722 level as a mechanical floor or guaranteed support. The actual distribution of gains and losses across ETF products varies widely, and individual investors entered at prices both above and below this threshold. Trading above it changes the narrative but does not serve as a hard stop or buy signal.
The next key test for Bitcoin's reclaim will be its ability to hold consecutive daily closes above $81,722, rather than just a single session above the line. Derivatives traders should also monitor funding rates and open interest to gauge whether fresh leveraged positioning is driving the recovery or if it's spot-driven.