$77K-$79K is the most important price zone in Bitcoin right now.
That's where the two biggest institutional buyers break even:
US spot ETFs: 1.29M BTC, avg cost $76,909
Public companies: 1.28M BTC, avg cost $78,834
Together: 2.57M BTC, almost 13% of the supply, bought at nearly the same price.
With BTC at $83.2K:
ETFs: MVRV 1.08x, +$8.1B unrealized
Companies: MVRV 1.06x, +$5.6B unrealized
Breaking it down:
iShares IBIT: $81,277
Treasury companies: $79,782
Strategy (MSTR): $75,441
Public miners: $69,498
Private companies: $33,789
Why it matters:
In June, BTC hit $58.5K and the average ETF holder was 24% underwater. There was no mass capitulation. ETF holdings fell only ~12% while price fell 53%.
This cost zone has already been tested once. As long as BTC holds above $77K-$79K, institutions are in profit and selling pressure stays low. Lose it, and 2.57M BTC goes back underwater.
That's where the two biggest institutional buyers break even:
US spot ETFs: 1.29M BTC, avg cost $76,909
Public companies: 1.28M BTC, avg cost $78,834
Together: 2.57M BTC, almost 13% of the supply, bought at nearly the same price.
With BTC at $83.2K:
ETFs: MVRV 1.08x, +$8.1B unrealized
Companies: MVRV 1.06x, +$5.6B unrealized
Breaking it down:
iShares IBIT: $81,277
Treasury companies: $79,782
Strategy (MSTR): $75,441
Public miners: $69,498
Private companies: $33,789
Why it matters:
In June, BTC hit $58.5K and the average ETF holder was 24% underwater. There was no mass capitulation. ETF holdings fell only ~12% while price fell 53%.
This cost zone has already been tested once. As long as BTC holds above $77K-$79K, institutions are in profit and selling pressure stays low. Lose it, and 2.57M BTC goes back underwater.