Bitcoin Defends $81.5K ETF Cost Basis Amid Outflows
- Bitcoin has twice defended the $81,500 ETF cost basis despite $746 million in fund outflows.
- Glassnode identifies $77,500 as the next major support level if institutional demand weakens.
- Institutional positioning is currently more crucial than new inflows for Bitcoin’s market movements.
- Recent outflows include $681 million last week and an additional $65 million on Monday from U.S. spot ETF investors.
Bitcoin’s resilience at the $81,500 level, despite significant outflows, highlights the potential impact of institutional ownership on its market dynamics. The defense of this threshold suggests a structural change in market behavior due to institutional maturity.
If Bitcoin fails to maintain this level amid ongoing withdrawals, attention will shift to the $77,500 mark as a critical support point for future price stability. (Source)
