Glassnode used the cumsum formula to calculate the weighted average BTC price at moments when ETFs experienced net inflows. This represents a very 'behavioral' institutional cost anchor. Currently, BlackRock's average cost is: $83,696; Fidelity's average cost is: $73,752. Now, BTC has already fallen below BlackRock's average cost and is putting psychological pressure on Fidelity investors. No wonder during November and December, BlackRock investors were the main bearish players, but by January, Fidelity became the primary sellers. If BlackRock is primarily institutional investors, while Fidelity has more retail investors, and considering MSTR's current average cost is $76,040... Good times may not be shared, but tough times must be endured together. Well, now everyone can be family!