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Bitcoin risks pushing some spot ETF holders back into losses
A drop of about 2.2% from the mid-$83,000 area would put Bitcoin near $81,722, the cost-basis level a Bloomberg ETF analyst estimated.
Bitcoin dipped to an intraday low of $82,775.94 on Sept. 29 before rebounding above $83,000, with the next move potentially affecting the estimated profitability of the average holder of bitcoin exchange-traded funds.
CryptoSlate reports that a decline of about 2.2% from the mid-$83,000 area would reach $81,722, a threshold Bloomberg ETF analyst James Seyffart estimated on Sept. 21 as the average ETF holder cost basis. Seyffart’s view ties the outcome to Wednesday’s US inflation data, which could influence the near-term price path.
The article also notes that a Sept. 9 Glassnode report placed a different ETF-complex break-even near $86,000, and that an $84,000 to $85,000 zone was flagged as the largest cluster of long-term-holder supply in a Sept. 23 Glassnode update. Bitcoin traded above that supply cluster zone when the report was published, while a quoted price from Tuesday was below it.
CryptoSlate adds that Axel Adler Jr. calculated Bitcoin’s 365-day moving average at $80,500 on Sept. 22, meaning the market’s behavior around these reference levels could shape how ETF holders interpret current gains or losses.
Latest closeBitcoin $83,721.69 ▲0.1%