The rapid pullback of Bitcoin has caused U.S. spot Bitcoin exchange-traded fund (ETF) investors to experience losses for the first time since the product's launch.
The volume-weighted cost basis for all U.S. Bitcoin (BTC) ETFs is close to $89,600, and Bitcoin fell below this level on Tuesday, putting this group in a loss, Glassnode analyst Sean Rose told Bloomberg on Tuesday. Some early buyers, particularly those who entered the market when Bitcoin was priced between $40,000 and $70,000, are still in profit.
"Even if the average cost basis of the ETF is above spot, most ETF holders are long-term allocators, so being in a loss does not trigger a quick exit," said Vincent Liu, Chief Investment Officer of quantitative trading firm Kronos Research, to Cointelegraph.
"In this risk-off environment, liquidity and macro factors remain key drivers. Tight conditions may convert losses into downward pressure, while clear easing signals would enhance support," Liu added.
According to data from Farside Investors, U.S. spot Bitcoin ETFs continued to see outflows on Monday, totaling a net outflow of $254.6 million. BlackRock's iShares Bitcoin Trust (IBIT) saw a single-day redemption of $145.6 million, while Fidelity's Wise Origin Bitcoin Fund (FBTC) had a net outflow of $12 million. The ARK 21Shares Bitcoin ETF (ARKB) decreased by $29.7 million, and the Bitwise Bitcoin ETF (BITB) saw a reduction of $9.5 million.
This marks the fifth consecutive trading day of outflows since November 12. On that day, Bitcoin ETFs had a total redemption of $278.1 million; November 13 recorded a historic second-highest single-day net outflow of $866.7 million. On November 14, there was a continued outflow of $492.1 million from related products.
Similarly, the spot Ethereum ETF also faced significant redemptions on Monday, with a total net outflow of $182.7 million, according to Farside Investors data. The BlackRock iShares Ethereum Trust ETF (ETHA) was redeemed for $193 million in a single day, the largest scale.
Liu stated, "The market will only see a turnaround when inflation significantly eases, the job market cools moderately, and the central bank communicates a clear shift towards easing rather than 'long-term high rates.' Once these signals appear simultaneously, expectations for liquidity improvement, reduced volatility, and capital will generally return."
Meanwhile, the Solana ETF has performed well against the trend, achieving positive net inflows again on Monday. The Bitwise Solana Staking ETF (BSOL) attracted $7.3 million in new capital, while the Grayscale Solana Trust ETF (GSOL) also saw a slight increase of $900,000.
Since its launch at the end of October last year, these funds have achieved net subscriptions daily, with BSOL, VSOL, and GSOL accumulating total net inflows close to $390 million.
Related: Digital Chamber launches State Network initiative, seeking to guide cryptocurrency policy in U.S. states
Original: “As BTC Drops Below $89,600, Average Investor in Bitcoin ETFs Now Overall in Loss”
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