The price of Bitcoin reaches $79 thousand and will completely rehabilitate the holders of the Spot ETF
Bitcoin (BTC) closes at an average entry price of $79,900 for US spot BTC exchange-traded fund (ETF) investors. The divergence in Bitcoin's market price and ETF holders' spending coincides with onchain data showing signs of accelerated buying from investors.
The breakout level of the Bitcoin ETF is approaching a key trend test
Bitcoin's continued price rally above $70,000 will bring a key set of investors into focus. The ETF's cost basis level has served as support in mid-2024, and a break above that level will cause many ETF owners to take a break.
The flow data adds more context to this transformation. According to Bitcoin researcher Axel Adler Jr., ETF flows have turned positive since the steady flow ended in mid-February.
The seven-day moving average has since moved into steady gains, with daily inflows peaking above 3,300 BTC on March 2. ETF holdings rose from 1,264,982 BTC to 1,291,618 BTC, an increase of 26,636 BTC last month.
Investors' ETF expense base also aligns with key daily trends. A significant move into this range would indicate a retracement of the 100-day moving average (EMA) on the daily chart for the first time since October 2025.
A move above the 100-day EMA indicates a move to a longer-term uptrend, which reinforces the bullish momentum. It also serves as a key trend filter where sustained price action above it often leads to continued gains.
Related: ‘Bitcoin Standard' Author Examines Fact That Decentralized Gold Ended WWI
Bitcoin buyers begin to outnumber sellers
Order flow on major exchanges shows a gradual market behavior. Crypto analyst Darkfost's 30-day volume delta on Binance and Coinbase turned positive after sustained selling pressure in February. Both retail and institutional flows are now turning to inventory in unison.
Bitcoin futures data reinforces this trend. Amr Taha noted that BTC's Cumulative Volume Delta (CVD) has recovered nearly $6 billion from its lows.
The gauge remains below zero, although significant previous selling pressure has now been absorbed during the recovery.
CryptoQuant data shows that short-term portfolio activity is also consistent with this shift. The Spent Profit Ratio (SOPR) measure, which shows whether coins are trading at a profit or loss, has moved back above 1, indicating that selling pressure has eased and that coins are trading at or above their value. Commentator Miraculous said.
“While this scenario is not as severe as the August 5, 2024, event (which saw the SOPR approach ~0.9), a series of recent capital signals seem to be enough to pull out weak hands.”
According to the data, Bitcoin remains on track to test the $80,000 level, but a move above the key breakout zone could determine the strength and direction of the trend in the coming weeks.
Related: Bitcoin analysis sees 68K support as gold slides past key $5K level
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