Glassnode uses the cumsum formula to calculate the weighted average BTC price at the points when ETFs experience net inflows, creating a highly "behavioral" institutional cost anchor. Currently, BlackRock's average cost is $83,696; Fidelity's average cost is $73,752. BTC has now fallen below BlackRock's average cost, psychologically impacting Fidelity investors. No wonder BlackRock investors were the main bears in November and December, while Fidelity became the primary seller in January. If BlackRock is dominated by institutional investors, while Fidelity has more retail investors, and considering MSTR's current average cost of $76,040... We may not share the good times, but we must share the bad; now, let's all be family!