Onchain data indicates that multiple cost basis metrics are signaling strong investor demand and conviction around the $80,000 level for bitcoin.

BTC $87,263.65 has rebounded above $90,000, roughly 15% higher than its Nov. 21 low near $80,000. Price found confluence support across three key cost basis metrics: the 2024 yearly volume-weighted cost basis, the True Market Mean, and the average U.S. spot exchange-traded fund (ETF) cost basis. These metrics help identify price levels where investors are most likely to defend positions during drawdowns, aligning closely with the acquisition prices of various investor cohorts.

The True Market Mean (TMM) represents the average onchain purchase price of recently active coins, filtering out dormant supply. During this pullback, the TMM hovered near $81,000 and provided clear support. Notably, bitcoin first crossed above this level in October 2023 and has not traded below it since, reinforcing its significance as a structural bull market threshold.

The U.S. spot ETF cost basis reflects the weighted average price of bitcoin flowing into U.S.-listed spot ETFs, calculated using daily ETF inflows and market price. Glassnode data shows this average at approximately $83,844, a level that again acted as support, similar to its role during the April tariff-driven selloff.

Finally, the 2024 yearly cost basis, which tracks the average price of coins acquired in 2024 and withdrawn from exchanges, currently sits near $83,000, according to checkonchain. Historical patterns suggest yearly cohort cost bases often provide support during bull markets, and in this instance, the metric further confirmed demand, echoing the April correction’s support behavior.