Bitcoin retests $81K ETF cost basis; break below could send BTC to $70K, Glassnode says

The ETF cost basis is doing double duty as a psychological and positioning marker: it capped the May rebound, was breached and reclaimed last week, and is being tested again now, which suggests the level is where holders' conviction gets priced rather than a clean technical trigger. Glassnode's framing matters because it ties the downside scenario to ETF holders' behavior, not to broader macro or leverage, so a decisive close below would be read as ETF cohorts capitulating. Whether that level keeps holding, and whether a breach produces the quick reclaim seen last week or something more sustained, is the open question worth watching.