Bitcoin (BTC) Buyers’ Cost Bases Above $87,000 Capped Two Rebounds

Bitcoin (BTC) traded at $81,238 at 7:13 p.m. ET Oct. 28 (23:13 UTC), below the roughly $81,500 estimated average cost basis for exchange-traded fund (ETF) holders and well under the purchase-price band above $87,000 that capped two rebounds this year. Purchase prices for investors who acquired BTC during the past two years are concentrated above $87,000. Selling pressure near that range limited both rallies, and each was followed by a correction of at least 25%. The estimated average entry price for ETF holders is about $81,500.