Glassnode Places Bitcoin (BTC) Support at $81,500 ETF Cost Basis

ETF Cost Basis Held the October Dip

The Bitcoin (BTC) price sits at $80,817, pinned between two entry lines that on-chain analytics firm Glassnode mapped in its weekly report dated 21 October: corporate treasuries hold an average cost basis of $80,200 just below, while US spot ETF holders carry one of roughly $81,500 just above. A cost basis works as a shelf in this framework, because the cohort that bought at a level tends to defend it. The week supplied the test. Bitcoin (BTC) slid to about $80,000 on Thursday, 15 October, closing a single hourly candle at $80,100 before buyers arrived on the very next bar, just beneath both lines, and the order book rebuilt within days. At that low the ETF line sat $1,400 above the hourly close, and buyers erased the gap inside one bar. Glassnode reads the ETF line as a level that changed jobs: through the spring it capped rallies from above, and since 8 October, with the market crossing it repeatedly, it has held from below. The drop stopped well short of the next floor, where active investors, the cohort that trades coins frequently, carry an average entry near $77,600. Treasuries sit between the two. The market has closed above their $80,200 basis every day since 18 September, a record that matters for Bitcoin positioning across the wider market and for the cohort behind the strategic bitcoin reserve trend, including Strategy's preferred-stock-funded Bitcoin buys. What has not come back is appetite: monthly purchases since June have each fallen short of a tenth of the November 2024 peak. The report's liquidation heatmap, a map of the prices at which leveraged positions face forced closure, adds one more detail: the cluster parked near $80,000 was wiped out in the 15 October drop.

The same band shows up in our composite support and resistance scoring. Support at $80,115, drawn from the lower Bollinger band, the 50-day EMA and a pivot point, scores 85 out of 100 and sits just beneath the treasury cohort's $80,200 basis. Resistance at $81,482 scores 84 and runs 18 dollars under the ETF line, with the previous day's high among its sources. Derivatives positioning stays neutral: funding holds at 0.0021% on perpetuals and open interest stands near $16.3 billion, while the broader trend reads sideways. The full map of support and resistance levels for Bitcoin (BTC) updates continuously on our technical analysis page. A daily close above $81,482 would hand the band's ceiling to buyers; losing $80,115 would line the market up with the $79,600 liquidation shelf.

Supply Stacked Between $85,000 and $87,500

Above the market, the $85,000 to $87,500 range stacks three layers at once: the cost basis of coins bought six to twelve months ago, resting sell orders, and the largest liquidation clusters on the board. The two biggest clusters now sit near $85,000 and $87,000, having migrated up after the $80,000 shelf cleared. A drive toward $87,000 would gather speed from forced short closures, yet the same zone carries a thick wall of sell orders. Beneath, liquidations concentrate near $79,600. The market also trades beneath the entries of older cohorts, which the report treats as residual supply. Coins bought six to twelve months ago carry an average basis near $86,700, and coins bought one to two years ago near $100,000. A daily close above $86,700 would put the six-to-twelve-month cohort back in average profit and clear the nearest supply band. Selling from the one-to-two-year group peaked in early October and has since fallen to less than a third of that pace, evidence that HODL discipline among longer holders is absorbing part of the supply. Demand from the ETF side flickered back on 19 October, when about $653 million entered US spot funds, the strongest single day since 22 September, and weekly flows turned from outflows to inflows. Volume has not confirmed it: the 19 October session traded below the past year's daily average, and the 30-day average sits under a quarter of its level a year ago. Glassnode's own bar is explicit: sustained inflows backed by real turnover would show demand expanding beyond a one-off, a reading Blockstream's Peter Vain also took from the defense of the $81,000 area. For now the distance is the fact: Bitcoin (BTC) stands about $680 beneath the $81,500 ETF line and roughly $5,900 below the $86,700 basis of the six-to-twelve-month cohort.