On April 15, crypto quantitative analyst @AxelAdlerJr said that Bitcoin recently reached the average entry cost of $74,200 for Bitcoin ETF holders in the U.S. If Bitcoin can hold above this level, ETF holders will move from losses to break-even (neutral); if it falls below, it indicates that the market structure remains weak and downward pressure continues. On the other hand, the baseline cost for short-term holders (STH) is approximately $83,734, which is a key resistance level in the current market. The analyst believes that Bitcoin’s market structure will only see a more significant improvement when the cost for Bitcoin ETF holders narrows the gap with the STH baseline cost.