$BTC Today, it rose above $85,200—its highest level in more than eight months. Even more worth watching is another number: $85,638—the average cost basis for investors in U.S. spot ETFs, the first time the price has climbed up from below.
The driver is the shorts: about $300 million worth of short positions were liquidated within an hour, and more than $600 million across the day, pushing the price straight through the $82,000–$86,000 range. That area is a high–turnover zone with roughly 1.07 million BTC changing hands intensively. Last Friday, U.S. spot ETFs saw net inflows of $435 million—the biggest single-day figure since September 3.
My inclination is very clear: the ETF cost basis is the more “real” dividing line than the round-number $80,000 level. If price holds above it, ETF holders move into paper profit and—historically—this tends to trigger a new round of subscriptions. If it doesn’t hold above it, then it looks more like just another short squeeze.
Do you think the $85,638 level is the ceiling for this bounce—or the starting point? #BitcoinBreaksThrough$85K
The driver is the shorts: about $300 million worth of short positions were liquidated within an hour, and more than $600 million across the day, pushing the price straight through the $82,000–$86,000 range. That area is a high–turnover zone with roughly 1.07 million BTC changing hands intensively. Last Friday, U.S. spot ETFs saw net inflows of $435 million—the biggest single-day figure since September 3.
My inclination is very clear: the ETF cost basis is the more “real” dividing line than the round-number $80,000 level. If price holds above it, ETF holders move into paper profit and—historically—this tends to trigger a new round of subscriptions. If it doesn’t hold above it, then it looks more like just another short squeeze.
Do you think the $85,638 level is the ceiling for this bounce—or the starting point? #BitcoinBreaksThrough$85K