Wu said that according to Glassnode, the cost basis of Bitcoin spot ETFs such as BlackRock, Fidelity and Grayscale ranges from $54,900 to $59,100. The cost basis model can approximately provide a break-even point for ETF investors. Since the beginning of January, the results show that 4% to 5% of the overall net capital inflows into the Bitcoin market are related to currencies flowing into US spot ETFs.