Bitcoin faced selling pressure as it approached the $100,000 mark, with investor cost prices and ETF holding costs constraining its price. After a summer rally, Bitcoin fell back to around $80,000. Investors who bought Bitcoin over the past two years had a cost price concentrated at $87,000 or higher. Selling pressure near this price level, indicating the closing of positions at these higher prices, twice suppressed Bitcoin's rallies and caused at least a 25% pullback. Furthermore, the average cost price for Bitcoin ETF holders is approximately $81,500. If the price continues to close below this level, ETF holders will face unrealized losses, weakening recent on-chain support. (Source: Bloomberg)
