Bitcoin’s $85K level tests ETF breakeven and U.S. demand as holders face key risk zone

In December 2025, Bitcoin hovered near $85K, aligning with the average cost basis of U.S. spot BTC ETFs and placing many ETF holders around breakeven. At the same time, on-chain data showed persistent profit-taking by long-term holders, capitulation by short-term holders, and weak U.S. demand, all of which left this support area vulnerable to a deeper correction. With the Coinbase Premium Index in negative territory, market sentiment remained fragile as traders watched whether $85K would hold or give way.