Bitcoin has bounced twice from roughly $81,500, the aggregate cost basis of U.S. spot ETF investors, even as the funds recorded net outflows. Glassnode names $77,500 as the next major level if that floor breaks.
Bitcoin has bounced twice from roughly $81,500, a level Glassnode identifies as the aggregate cost basis for U.S. spot bitcoin ETF investors. The defense came despite $681 million in net U.S. spot ETF outflows last week and another $65 million outflow on Monday.
Resistance turns into support
BTC spent much of this year below the threshold, and its May rally stalled just underneath it. The level that was once resistance is now acting as support.
Vugar Usi Zade, CEO of MEXC, argued that institutional capital has created a stronger structural floor. If major funds accumulated heavily around this zone, declines toward $80,000 may increasingly attract buyers rather than trigger panic, the source article says.
Liquidity is not the only driver
A Bitcoin Magazine analysis comparing BTC with Federal Reserve net liquidity noted that bitcoin has recently outperformed the broader liquidity backdrop. It also found a meaningful longer-term relationship between the two.
Recent performance suggests investor demand may be contributing more to price action than shifts in macro liquidity alone. Still, BTC remains exposed to broader financial conditions.
$77,500 is the level to watch
The $81,500 mark is not guaranteed to hold. Continued ETF withdrawals could eventually overwhelm underlying spot demand, and Glassnode points to the true market mean near $77,500 as the next major level if the support level gives way.
The test now is whether bitcoin can hold the ETF cost basis while money leaves the funds.
Source: Bitcoin News
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