Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
Bitcoin has pulled back to around $80,800 after its summer rebound, while investor selling has capped further gains, Bloomberg reported, citing Glassnode data.
Bloomberg said investors who bought BTC over the past two years have a breakeven level above roughly $87,000, and selling at that price area blocked two rebounds this year. Afterward, BTC generally fell more than 25%. The average cost basis for spot Bitcoin ETF investors is estimated at about $81,500. With BTC trading below that level, ETF investors have moved into loss on average, and the nearest on-chain support level has also disappeared. Meanwhile, decentralized prediction market Polymarket is pricing in a 17% chance that BTC reaches $100,000 this year and a 9% chance that it reaches $110,000.