Bitcoin Holds $81,500 ETF Cost Basis Despite $746 Million in Outflows as Glassnode Flags $77,500 Risk
Bitcoin is holding near $81,500, the estimated aggregate cost basis of U.S. spot Bitcoin ETF investors, despite mounting outflows from the funds. The cryptocurrency has rebounded twice from this level, which Glassnode identifies as a key support zone, while warning that a sustained break below it could expose Bitcoin to a decline toward $77,500.
The resilience comes as U.S. spot Bitcoin ETFs recorded $681 million in net outflows last week, followed by another $65 million in outflows on Monday. Together, the reported withdrawals total $746 million, putting Bitcoin's ability to maintain support under pressure even as the price remains above the ETF cost-basis level.
Source: Glassnode
Bitcoin ETF Cost Basis Emerges as Key Support
The $81,500 level has taken on greater significance after previously acting as resistance. Bitcoin spent much of the year below the threshold, and its May rally stalled just beneath it. Recent rebounds suggest the level may now be functioning as support.
According to Glassnode, the aggregate cost basis of U.S. spot Bitcoin ETF investors sits around $81,500. The level offers a reference point for assessing whether ETF holders are maintaining positions as market conditions weaken.
Vugar Usi Zade, CEO of MEXC, said institutional participation could be helping establish a stronger price floor. He described Bitcoin as entering a period of institutional maturity, with $80,000 representing the average cost for positions held through spot ETFs and custodial services.
If significant institutional holdings were accumulated around this price zone, declines toward $80,000 could attract buying interest. However, this remains a potential market response rather than a guaranteed outcome.
Bitcoin Shows Resilience Despite Liquidity Conditions
Bitcoin's recent performance has also drawn attention because it has outperformed the broader liquidity backdrop. Analysis from Bitcoin Magazine comparing BTC with Federal Reserve net liquidity indicated that Bitcoin has recently performed more strongly than the macro liquidity environment alone might suggest.
Bitcoin has historically maintained a meaningful relationship with liquidity conditions, making the recent divergence notable. The performance may indicate that investor demand and positioning are playing a larger role in price movements than changes in macro liquidity alone.
Nevertheless, broader financial conditions remain relevant. The recent performance does not establish that Bitcoin has become independent of liquidity trends or other macroeconomic factors.
Glassnode Identifies $77,500 as the Next Key Level
Glassnode identifies approximately $77,500, described as the true market mean, as the next major level to watch if Bitcoin loses the $81,500 ETF cost basis.
Bitcoin's two successful defenses of the level are notable, particularly because they occurred while spot ETFs were experiencing net redemptions. Even so, continued withdrawals could eventually outweigh underlying demand in the spot market, leaving the current support vulnerable.
For traders, the key test is whether Bitcoin can remain above $81,500 while capital continues leaving the funds. Holding the level would support the view that institutional positioning is helping establish a stronger price floor. A decisive break below it would shift attention toward $77,500 as the next important reference point.
data source: news.bitcoin.com
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
Check out other news and articles on Google News
Disclaimer:
The articles on Hokanews are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
Hokanews isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.