Bitcoin Drops 3.7% to Test $81,500 ETF Cost Basis

The ETF cost basis has become a functional technical level rather than just an accounting artifact: it capped the May rally and held as support in October, and price is now testing it again. That matters because it sits near where a large cohort of ETF holders are positioned, so a sustained break would put that group underwater and test their conviction in a way the October defense did not. Whether the level holds a third time, or gives way, is the open question worth tracking.