coinmarkcal

#bitcoin is trading near $86,000 as losses build across ETFs, treasury companies, and miners.
Miners are pulling back hashrate,many treasury-company stocks are trading below their Bitcoin book value, and about 60% of spot Bitcoin ETF inflows are underwater.
Checkonchain's chart of ETF average inflow cast basic and ETF market value to realized value (MVRV) placed the ETF cost basis the true market mean in the same area, around $80,000-$82,000.
That's puts a large share of institutional positioning near breakeven. Those anchors matter because they connect price action to balance sheets rather than chart patterns.
In its week On-Chain report for week 49, Glassnode wrote that Bitcoin has been range-bound between the short-term holder cost basis near $102,700 and the True Market Mean near $81,300.
It framed $95,000 (the 0.75 cost basis quantile) as an early reclaim level.
#BitwiseBitcoinETF also put the True Market Mean near $82,000 as a support reference.
BlackRock's IBIT held about 778,052 $BTC (about 69.6% billion) after recording mixed flows over the last two weeks, culminating in a modest $100 million net inflow.
That is a reminder that ETF demand can flip quickly during risk-off periods.
The next balance sheet test remains the $80,000-$82,000 cost-basis band.
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