New Glassnode data shows that the average cost basis of US spot Bitcoin ETF deposits is now around $80,000, with Grayscale slightly higher and Fidelity marginally lower.
Despite the recent market pullback, this indicates that most Bitcoins in ETFs are still in the unrealized gain territory.
The cost basis for ETFs has been rising steadily throughout the year, reflecting continued institutional inflows and long-term accumulation rather than short-term speculative repositioning.
Source: Glassnode
Daily inflows become negative, but longer-term demand remains strong
New ETF dashboard figures from SoSoValue show – $60.48 million in daily net outflows on December 8, a modest reversal during a period of price consolidation.
However, cumulative inflows remain substantial at $57.56 billion, and the total net assets of US spot ETFs now stand at $118.50 billion – approximately 6.5% of Bitcoin’s market cap.
That scale suggests that Bitcoin’s price structure is increasingly determined by institutional balance sheets, and not just retail sentiment or futures leverage.
Price Consolidates Above Critical Bitcoin ETF Entry Level
Bitcoin is trading around $90,700 at the time of writing, just a short distance above the ETF cost basis zone. The current price action shows a sideways move after last month’s steep decline, with the RSI near neutral.
If Bitcoin retests the $80,000 region, that would push the price straight into the institutional breakeven layer. This level has historically provided structural bidding support.
Source: TradingView
Conversely, a decisive move back above $95,000 would pull the price away from that threshold and restore the margin cushion for ETFs.
Why this is important now
Institutional holders have built up a large supply at relatively high prices.
If Bitcoin continues to consolidate near those levels without causing heavy outflows, it reinforces the idea that US ETFs function as long-horizon holders rather than fast-moving capital.
Final thoughts
- Bitcoin is trading close to the average ETF entry price for the first time in months.
- Modest outflows indicate cooling and not capitulation, as institutional investors remain structurally strong.