Investors who bought Bitcoin in 2025 are still the only annual buyer cohort sitting at an aggregate unrealized loss, according to an analysis cited by BlockBeats on Oct. 7. Their average cost basis was estimated at about $88,000.
Bitcoin rose to $87,500 in September, then traded sideways before falling back below $84,000 on Wednesday. The analysis said $88,000 could become a key resistance level because some more recent buyers may choose to sell once they return to breakeven.
The report added that annual volume-weighted cost bases have repeatedly acted as support or resistance in the current cycle. In May, Bitcoin climbed to about $82,100 and met resistance after reaching the average cost basis of the 2024 buyer cohort. It later fell to $60,000 and did not reclaim that level until August.
For other yearly cohorts, the average cost basis for 2023 buyers was put at about $65,000. The analysis said that level broadly served as support during the 2026 bear market, although Bitcoin did briefly trade below it. The average cost basis for the 2026 buyer cohort was estimated at around $73,500, and after Bitcoin moved above that level in late August, the group stayed in profit for most of the time that followed.
The average cost basis of U.S. spot Bitcoin ETF flows was estimated at about $82,300. Investors in those products only recently returned to aggregate profit for the first time this year, and the analysis said that level could act as support if Bitcoin extends its decline.