Most #BTC with a visible public key is exposed through address reuse, and that part has been growing.

The balance in reused addresses rose from 3.79M to 4.33M BTC over the past year, and now covers 21.5% of circulating supply.

$BTC has bounced off the ETF cost basis.

Price spent most of this year below that level, and the May rally stalled right under it.

It has now held twice as support around $81.5k. Below it, the next major level is the True Market Mean at $77.5k.

The cost basis of investors that bought the top still caps BTC's upside.

Holders who bought 1 to 2 years ago sold heavily as $BTC rallied toward $88k, where the 6 to 12 month group breaks even. Price stalled just under it.

That selling has since slowed considerably.

BTC is holding the ETF cost basis.

That line sits near $81.5K, and every daily close for the last 3 weeks has held above it. A large block of bids waits just below.

A break under this level could set off forced selling and deepen the drop.

https://x.com/i/article/2110391618755031040