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Bitcoin has moved back above its true market mean, or the average cost basis of actively trading investors, re-entering a bullish phase, according to on-chain analytics firm Glassnode.
In a post on X, Glassnode said the next price level to clear is around $80,421, the average purchase price of corporate Bitcoin treasury companies. Above that is the U.S. spot Bitcoin ETF cost basis near $85,638. A related chart showed the true market mean at $76,660, the corporate treasury company cost basis at $80,421 and the ETF cost basis at $85,638.