#BTC资金流动性 has recently fallen back to the average build a position cost near the US spot ETF - this position is actually quite delicate.

Just think about it, a large number of ETF investors are stuck here now, with neither gains nor losses in their accounts, completely in a zero-sum state. This kind of situation is often a turning point.

What's the next step? There are only two directions:

First, new market demand comes in, and the price breaks upward; only then can those who are trapped be freed.

Second, when holders begin to reassess their risk tolerance, panic spreads, and liquidity comes under pressure.

To put it simply, when the price hits the cost line of ETF investors, it is no longer just a technical issue—it turns into a "battle of faith." Do these institutional investors truly have confidence in the long-term prospects, or do they panic and start selling as soon as they find themselves in a losing position?

This is the dividing line between story and reality. The breakeven price is likely to become the most emotionally volatile price point on the chart.

The logic is simple: either the price stabilizes and goes up, or once it falls, panic selling may follow. Liquidity is most likely to fluctuate within this range.