Bitcoin tests its largest supply wall at $80,000, near ETF holders’ average price
Bitcoin is currently facing significant price resistance near the $80,000 level, where a large portion of the supply was acquired. Analysts note that this concentration of cost basis, particularly among ETF holders, creates potential sell-pressure as the asset approaches these levels.
Why it matters
Understanding supply distribution and cost basis is critical for traders and institutional investors to predict potential market support and resistance zones.
According to Glassnode’s Realized Price Distribution (URPD), nearly 8% of bitcoin’s supply was acquired within this band. The metric shows where the existing supply last moved, assigning each entity’s total balance to its average purchase-price bucket.
Around 5% of bitcoin’s supply is concentrated at $80,000, the largest cluster at any individual price level, while $82,000 represents the fourth largest. The $78,000 level contains the second-largest cluster, accounting for approximately 3.7% of supply.
These concentrations matter because investors who acquired bitcoin around these levels may sell as the price returns to their cost basis, creating overhead resistance. While, the average cost basis of deposits into the U.S. bitcoin spot ETFs is also around $80,000 to $82,000 adding to the potential sell-pressure.
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