Bitcoin holds the $80,000 area, where Glassnode places the estimated average acquisition costs of US spot Bitcoin ETFs and publicly traded corporate treasuries, while ETF inflows slowed by 95.6% in a day.
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Farside Investors recorded $526.7 million in net inflows on Oct. 19 and $23.2 million on Oct. 20, with both sessions positive. A $26 billion five-year TIPS auction on Thursday, then flash PMIs and final University of Michigan inflation expectations on Friday, arrive before the Fed's Oct. 28 decision.
Bitcoin buyers at the cost basis
Glassnode's Oct. 21 report shows the Oct. 15 selloff closing hourly near $80,100, briefly below its estimated ETF cost basis of about $81,500. Corporate treasuries in its coverage hold coins at an average cost near $80,200.
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The largest block of spot bids on Binance sat near $80,000, the selloff consumed most of it, and bids had reappeared by Oct. 20 at a smaller size.
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An ETF cost basis averages a fund's holdings, a treasury's cost basis records what it paid and leaves future purchases to its own mandate, and displayed bids can be pulled.
Above $80,000, Glassnode finds overhead supply between $85,000 and $87,500, where coins bought six to 12 months ago average near $86,700 and modeled futures liquidations cluster between $85,000 and $87,000.
Below it, a liquidation cluster sits near $79,600, and the True Market Mean is near $77,600.
Bitcoin rebounded after briefly touching $80,100 near the $81,500 US spot ETF cost basis, remaining above the $77,600 True Market Mean.Two days of inflation tests
The Oct. 19 and 20 sessions brought in $549.9 million combined, so the slowdown describes new net money, and withdrawals sit elsewhere.
Glassnode finds average spot ETF trading volume over 30 days at less than a quarter of its level a year earlier. Corporate treasury purchases since June run at less than 10% of the November 2024 peak.
September CPI reached 3.7% annually, and the preliminary Michigan survey put one-year expectations at 4.7% and longer-term expectations at 3.5%. The Fed raised its target range to 3.75% to 4.00% in September, and 94 of 100 economists in a Reuters survey expect a hold on Oct. 28.
Hotter readings could lift short-dated Treasury yields and the dollar, and the two-year yield stood near 4.8% on Oct. 20, up more than a percentage point in 2026, according to Glassnode.
The chain is conditional, since a hot producer-price report on Oct. 15 arrived as the 10-year yield fell to about 5.087% and the dollar retreated from an 18-month high.
The five-year TIPS auction on Thursday afternoon tests demand for inflation-protected debt. A weak reception can lift real yields even when inflation expectations hold steady, so read the five-year real yield and breakeven inflation together.
The flash PMIs at 9:45 a.m. and the final Michigan survey at 10:00 a.m. on Friday add business pricing and household expectations.
What breaks the range
From $80,000, the True Market Mean is 3% lower, and $87,500 is 9.4% higher; from the $81,500 ETF cost basis, $87,500 is 7.4% higher.
If Michigan expectations hold at or below the preliminary readings, PMI price components ease, the two-year yield falls, and the dollar stays flat or weaker, Bitcoin has room to test $85,000 to $87,500.
A move through $87,500 on better volume and repeated ETF inflows would show demand above the cost basis.
If expectations come in above the preliminary readings, PMI prices run hot, the two-year yield and the dollar climb, and ETF flows turn negative, the replenished bids face a real test.
A close below $80,000 would put the $79,600 cluster first, and the $77,600 True Market Mean next. A reading that raises yields while Bitcoin holds $80,000 and keeps drawing inflows would point to other demand offsetting the rate shock.
Bitcoin has found buyers near its institutional cost bases, and Friday's data will test whether that demand reaches the supply above it before the Fed meets.