BTC just hit $89.3K on spot markets, and the cost structure tells an interesting story right now.

Short-term holders are underwater — their average entry sits at $103.1K. Meanwhile, active traders are barely breaking even around $88K. The broader market's true mean cost base? That's parked at $81.4K. And if you zoom all the way out, the realized price (accounting for all coins ever moved) remains at $56.4K.

So we've got this layered situation: fresh money bleeding, active players treading water, while the market's historical center of gravity stays way below current action. Classic distribution of pain and profit across different holder cohorts.