Bitcoin's Investor Price is currently around $48,300. In other words, this line represents 'the approximate cost held by surviving investors.' Historically, this line has some very distinct characteristics: In bear markets, falling below it often means widespread losses across the market. In bull markets, retesting it often forms strong support. With each cycle, this line keeps rising because more high-cost chips enter the market. Check out the arrows in the chart: During several key stages, BTC pullbacks basically completed their handovers near this cost line before continuing upward. So this means the entire market still has about a 30% safety cushion—or you could think of it as potential downside space… In comparison, ETH's Delta Price is even more extreme, only estimated at $700. Delta Price can be understood as the structural cost floor during moments of extreme market despair. Historically, BTC and ETH prices have only approached Delta Price at the very end of the most brutal bear markets.