CryptoQuant CEO: $89,000 cost base for BTC in ETF or custodial wallet

According to data released by Ki YoungJu, founder and CEO of Crypto Quant, the current cost basis for bitcoin holdings among different groups is as follows:
The cost of holding ETFs and custodial wallets is $89,000.
The cost of holding a position for a Binance trader is $59,000.
The cost of holding a position in a mining company is $57,000.
The cost of holding an early whale is $25,000.
When the bitcoin price falls below the cost of mining companies' holdings (e.g., May 2022, March 2020, November 2018), it usually signals the arrival of a bear market.