Bitcoin is trading near $81,000 and has cleared two onchain cost basis levels that analysts consider structurally significant, but the market is now approaching what Glassnode calls the next major ceiling.

The cryptocurrency's Active Realized Price is near $85,200. That metric tracks the cost basis of all non-dormant supply, and represents the threshold where overhead selling pressure is likely to intensify.

The two cleared levels — the True Market Mean at $78,200 and the Short-Term Holder Cost Basis at $79,100 — highlight the average acquisition price of all actively transacted supply and recent buyers over the past 155 days.

Trading above both puts the majority of active market participants back in profit, a condition historically associated with improving sentiment and reduced selling pressure, according to Glassnode's weekly onchain report.

Spot bitcoin ETFs have reinforced that picture. The cohort recorded their fifth consecutive day of net inflows on Wednesday, drawing $46.3 million and bringing the five-day total to $1.69 billion — the longest inflow streak since July 2025, The Block reported.

The 30-day moving average of ETF net flows has also turned firmly positive after an extended period of outflows throughout the late-2025 to early-2026 drawdown, Glassnode added.#GateSquareMayTradingShare