Bitcoin near the ETF cost line: a critical moment of bullish and bearish divergence

【Crypto World】Bitcoin price has recently returned to a sensitive level—the average cost line of the US spot ETF. What does this mean? A large number of ETF holders are currently at a breakeven point.

From a market perspective, this area is quite interesting. On one hand, it could become an opportunity for new capital deployment. Investors often actively intervene at these key support levels, as the risk-reward ratio looks favorable.

But on the other hand, risks are brewing. Many holders close to breaking even may reassess their positions—some might choose to exit to lock in risks, which directly adds selling pressure. Which side will dominate? That’s the focus to watch next. The key is whether this level can hold.