Wall Street's $BTC position is underwater right now.
$BTC sitting at ~$80,150 while the average cost basis for spot ETF buyers is ~$81,300.
Here's the kicker: Underwater ETF holders sell on a schedule. They're not HODLing through the pain — they're liquidating based on fund mechanics.
Meanwhile, coins in self-custody? Those don't redeem. They sit tight.
This creates asymmetric selling pressure. ETF flows matter more than ever when price action is choppy. Watch redemption data closely — it's your early signal for capitulation or reversal.
$BTC sitting at ~$80,150 while the average cost basis for spot ETF buyers is ~$81,300.
Here's the kicker: Underwater ETF holders sell on a schedule. They're not HODLing through the pain — they're liquidating based on fund mechanics.
Meanwhile, coins in self-custody? Those don't redeem. They sit tight.
This creates asymmetric selling pressure. ETF flows matter more than ever when price action is choppy. Watch redemption data closely — it's your early signal for capitulation or reversal.
