
btc traded at $80,690 at 06:00 utc on october 24. an october 21 estimate puts the average purchase cost of u.s. spot etf and corporate treasury holdings at $80,000-81,500. so these large holders are now near break-even, and a sustained move below that range puts them at a loss on average. active investors bought lower, near $77,600 on average. average costs alone do not show forced selling.
