Glassnode uses the cumsum formula to calculate the weighted average BTC price at moments when ETF net inflows occur. This depicts a very "behavioral" institutional cost anchor. Currently, BlackRock's average cost is: $83,696; Fidelity's average cost is: $73,752; now BTC has fallen below BlackRock's average cost, impacting Fidelity investors' psychology. No wonder that during November and December, BlackRock investors were the main bears, while in January, Fidelity became the main sellers. If BlackRock mainly consists of institutional investors, and Fidelity has more retail investors, plus MSTR's current average cost is $76,040, then the benefits are not shared equally, and difficulties must be faced together; now, everyone is family!

BTC-2,19%
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