Bitcoin Price Defends $81.5K ETF Cost Basis Despite Rising Outflows

Bitcoin has twice defended the roughly $81,500 cost basis of U.S. spot ETF investors, even after $681 million in net ETF outflows last week and another $65 million shed on Monday. Bitcoin is testing whether institutional ownership has permanently changed the character of its market. The cryptocurrency has bounced twice from roughly $81,500, a level Glassnode identifies as the aggregate cost basis for U.S. spot bitcoin ETF investors. That matters because BTC spent much of this year below the threshold, while its May rally stalled just underneath it.