Who Bought Bitcoin's Breakout? The Answer Will Decide Whether the Price Holds
- —ETFs bought about 31,400 BTC over five sessions, roughly 15% ahead of August's pace
- —Spot bitcoin ETFs took in about $2.7 billion over five straight trading days
- —The average fund investor's cost basis is $81,722, back above water
- —Options dealers' hedging ended when this quarter's contracts expired Friday
Why it matters: Without continued ETF buying, the rally could stall as it did in August, when bitcoin settled into a $75,000–$82,000 range.
Source: Unchained