The first of four insights from our Q4 Market Outlook. One level to watch: the average cost of US ETF holders. US spot ETFs took in $2.65 billion in September, the second-largest month since October 2025, and most of it came after the Fed’s rate hike. Bitcoin spent 233 days below its holders’ estimated average cost of about $82,300 and now trades around it. That is the level the market is testing. Full outlook: https://nexo.com/blog/digital-assets-in-q4-market-outlook?utm_source=twitter&utm_medium=post&utm_campaign=twitter_post_q4_outlook_2310_q426