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$BTC is now trading inside the key ETF cost-basis zone, with major institutional averages sitting around $80K-$83K. Despite the pressure, the Risk Index remains in low-risk territory, suggesting sell-side absorption is still strong.
(glassnode)
What makes this phase important is that ETF holders are facing their first real bear-cycle stress test. If institutional conviction weakens near breakeven levels, ETF-driven selling pressure will likely appear first in the Risk Index.
Da Investopedia⚡
#Macro #Insights #ETFs