Bitcoin is running into its largest supply concentration ever recorded at $80,000, where nearly 8% of all coins in circulation last changed hands. The level lines up with the average cost basis of U.S. spot Bitcoin ETF deposits, and it sits just below the 50-week moving average that has capped price since November 2025. Meanwhile, ETF inflows have stretched to eight straight sessions, though the daily pace has slowed.
Bitcoin is testing the biggest supply wall of its trading history, with nearly 8% of the circulating supply acquired between $80,000 and $82,000, according to Glassnode's Realized Price Distribution. The metric tracks where existing supply last moved by assigning each holder's balance to its average purchase price.
Where the coins are concentrated
Around 5% of bitcoin's supply sits at the $80,000 level alone, the single largest cluster at any price point, while $82,000 ranks fourth. The $78,000 mark holds the second-biggest cluster at about 3.7% of supply. Investors who bought into these bands may sell as the price returns to their entry point, building overhead resistance.
That dynamic is compounded because the average cost basis of deposits into U.S. spot Bitcoin ETFs also falls between $80,000 and $82,000, adding further potential resistance at the same level. A similar setup formed between $60,000 and $63,000, where more than 6% of supply concentrated; that zone became a strong support after bitcoin traded there for much of 2026 and quickly reclaimed the level after a brief summer dip below $60,000.
The 50-week average looms above
Bitcoin's 50-week moving average currently sits at $81,081, and price has stayed below it since November 2025. The previous two recoveries above that trend line, in May 2020 and March 2023, preceded sustained bull runs.
ETF inflows keep coming, but slower
U.S. spot Bitcoin ETFs have pulled in $2.8 billion across eight consecutive sessions, Farside Investors data shows. BlackRock's IBIT accounted for $2.02 billion of that, or 72% of the total. Grayscale's GBTC moved the other way, shedding $50.4 million on Wednesday alone.
However, the daily pace has retreated from a peak of $606 million on August 20 to $232 million on Wednesday. HashKey senior researcher Tim Sun said sustained inflows beyond five consecutive days signal sustained spot demand, but cautioned that single-day flows carry limited predictive power on their own. Bloomberg ETF analyst Eric Balchunas called the combined $7 billion pulled into gold and bitcoin funds over the past week "by far a record for a 5-day period", linking the move to a debasement trade pulling attention from AI.
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