Grayscale Debuts Bitcoin Adopters ETF, Glassnode Flags Structural Reset for BTC

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Grayscale Debuts Bitcoin Adopters ETF, Glassnode Flags Structural Reset for BTC

Grayscale Investments has launched its Bitcoin Adopters ETF (BCOR), providing equity market exposure to firms with significant BTC holdings, while Glassnode’s analysis suggests Bitcoin is transitioning out of its recent correction phase.

Grayscale’s BCOR ETF

Grayscale’s latest product, the Bitcoin Adopters ETF (BCOR), is designed to capture the momentum of public companies that hold at least 100 BTC on their balance sheets.

Introducing the Grayscale Bitcoin Adopters ETF (ticker: $BCOR) $BCOR provides exposure to corporations that have added #Bitcoin as a treasury reserve asset. These companies sit across several sectors and industries and are all united by a common thread – Bitcoin adoption.

See… pic.twitter.com/O0FX2OR50Q

— Grayscale (@Grayscale) April 30, 2025

The ETF tracks the Indxx Bitcoin Adopters Index, which includes over 33 companies across 15 sectors, all with market capitalizations over $100 million.

“As more companies integrate Bitcoin into their balance sheets, BCOR provides a forward-looking strategy to capture this momentum through traditional equity markets,” said David LaValle, Global Head of ETFs at Grayscale.

Grayscale is entering a space where Bitwise’s OWNB ETF has already made inroads, but the arrival of BCOR could further legitimize Bitcoin in the eyes of equity-focused investors.

Glassnode: BTC in Structural Reset, Not Bear Market Territory

According to Glassnode, Bitcoin’s recent drawdown does not reflect a full-fledged bear market, but rather a healthy consolidation phase. The analysis zeroes in on key pricing models:

• 111DMA: $91.3k
• Short-Term Holder Cost Basis: $93.2k

Bitcoin has recently broken above both of these levels, signaling potential for renewed bullish momentum, provided the price sustains above this range.

Metrics like MVRV Ratio, Percent Supply in Profit, and SOPR indicate that investor stress has eased, and the majority of BTC holders are back in profit.

The MVRV recently bounced off its long-term mean (1.74), a historical support level during consolidations.

Glassnode highlights $95k–$98k as a critical resistance zone where:

• Many short-term holders bought in this range and may sell at break-even.
• Long-Term Holders (LTHs) may begin distribution around $99.9k, where their unrealized profit margin hits +350%.
• Successfully clearing this area could send Bitcoin into low-resistance territory above $100k, opening the door to price discovery and new highs.

Bitcoin Price Targets

Bitcoin’s price is now consolidating just above $95,000 and as per the chart below, the MACD line (blue) is starting to curve upward after a shallow bearish crossover, with histogram bars shrinking.

If the MACD line crosses back above the signal line (orange), it would confirm a momentum shift to the upside. Traders should watch for this confirmation in the next 1–2 candles.

The RSI has bounced off the 50 zone and is currently at 58.13, approaching bullish territory. This suggests renewed buying strength without being overbought.

The Fibonacci levels show that the key resistances are at 1.618 Fib: $97,454; 2.618 Fib: $100,311; 3.618 Fib: $103,169; and 4.236 Fib: $104,935. If Bitcoin breaks out past $97.5K, it could enter a low-resistance vacuum up to $100K+.

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Grayscale Debuts Bitcoin Adopters ETF, Glassnode Flags Structural Reset for BTC