Bitcoin has fallen below the average cost basis of U.S. spot ETF holders, which is approximately $84,000, leading to unrealized net losses for these investors. This development, analyzed by Glassnode's Chris Beamish, marks the first significant stress test for U.S. spot ETF holders. As U.S. stock markets open, investors face a critical decision on whether to buy or sell, potentially leading to a "stress test" scenario tonight.