Bloomberg: The average buying cost for Bitcoin ETF investors is about $84100, with a current floating loss of about 8% to 9% According to BlockBeats news, on February 3rd, Bloomberg reported that the core issue of Bitcoin's "slow" sell-off was that the group of investors who were originally expected to be the most stable buyers in the new round did not continue to enter the market. According to Glassnode data, investors who enter the US spot Bitcoin ETF have an average buying cost of approximately $84100. At present, Bitcoin is hovering around $78500, and this group is experiencing a book loss of approximately 8% -9%. This is not the first time ETF investors have fallen into floating losses. As early as November last year, when Bitcoin briefly fell below $89600 (which was the average cost range for ETF investors at the time), analysts pointed out that this would be a key test of the "faith strength" of new mainstream investors. Afterwards, with the inflow of funds in early 2024 still maintaining profitability, the overall average cost of ETFs has decreased, but the funds entering later have already fallen into losses across the board. From the perspective of its high point decline, Bitcoin has fallen more than 35% from its 2025 high point and briefly fell below $77000 in the low liquidity trading environment over the weekend. Analysts believe that this is the result of multiple factors: a drying up of capital inflows, a decrease in market liquidity, and an overall weakening of macroeconomic attractiveness. Bitcoin has failed to respond to traditional bullish factors such as the weakening of the US dollar or geopolitical risks, and its "decoupling" from other assets has made its trend increasingly directionless. The biggest difference between the sharp decline in October and the current downturn is market sentiment: there is no panic now, only 'absence'. The rise of Bitcoin to above $125000 in 2025 is due to the high excitement of the market towards regulatory prospects, institutional entry, and a bullish retail base. But since the sharp drop in October cleared billions of dollars in leveraged positions, it was these buyers who had once driven the market that chose to remain inactive and temporarily exit the market to observe.