Summarize the current holdings cost of Bitcoin ETFs by major institutions.

First, let's look at the key intervals.
65,000 to 70,000, in this small range, approximately 230,000 BTC are stacked, accounting for about 15% of all funds, which is a solid core cost area.
60,000 to 65,000, with about 11% of funds, is a solid support range.
The entire range from 75,000 to 85,000, with funds accounting for less than 3%, is almost a vacuum.
Why is it said that 65,000 to 70,000 is a stronghold? Because the earliest institutions that invested in ETFs have a large amount of their cost at this level. At current prices, they still have a profit of 30% to 40%. They have weathered all the pullbacks since the ETF launched and haven't sold even when it rose to 108,000. Do you think they would sell at 67,000? If it really hits around this area, it’s likely that institutions will start defending, and buy orders will become thicker.
But 75,000 to 85,000 is a completely different matter. There are no dense costs here, and not many people "must defend". Once it falls below 85,000, there is almost no buffer down to 70,000, and the price will move quickly, not out of panic, but because there is nothing to catch it below.
Another key piece of data: the portion of holdings that is currently at a loss has cost more than the profitable holdings. Institutions have spent about $63 billion on the currently losing coins, while the profitable portion is only around $59 billion. This means that the money that came in at high prices is greater than the money that was actually bought at the bottom.
In October 2024, the surge towards 108,000 attracted the largest influx of high-level funds, and these investors are now mostly underwater. Each time it fails to surpass 100,000, this anxious group continues to grow. Early investors have profits to cushion their positions and feel little impact from pullbacks; however, the later investors are different. They not only have to provide explanations internally but also face redemption pressure from clients who bought in at high levels. This structure itself is quite fragile.
So now I am only focusing on three price levels:
80,000 is the overall cost line. If it falls below this, institutional holdings exceeding 100 billion USD will turn into losses, and sentiment and public opinion will change.
75,000 to 85,000, is the air layer, regardless of whether it goes up or down, it will move very quickly.
65,000 to 70,000 is the strongest structural support and also the area where institutions will truly defend.
So everyone can watch the bottom points around the institutions' cost. #加密市场小幅回暖