According to data released by Ki YoungJu, founder and CEO of Crypto Quant, the current cost basis for bitcoin holdings among different groups is as follows: The cost of holding ETFs and custodial wallets is $89,000. The cost of holding a position for a Binance trader is $59,000. The cost of holding a position in a mining company is $57,000. The cost of holding an early whale is $25,000. When the bitcoin price falls below the cost of mining companies' holdings (e.g., May 2022, March 2020, November 2018), it usually signals the arrival of a bear market.