At the June low, 46% of Bitcoin supply was in profit. Now it is about 69%. The recovery began with a bond-market decision, not a crypto event. What matters now is what sits above the price. About 12% of supply has a cost basis between $81,000 and $88,000, but only about 5% between $88,000 and $95,000, so there is little break-even selling overhead. Reply to @Nexo: Bitcoin ended Q3 up 42.7%, closing out three down quarters in a row. The telling part is who bought. 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 their holders' estimated average cost of about $82,300 and now trades around it. That is the level the market is testing.