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Bloomberg

The bitcoin rally that welcomed a wave of new investors through easy-to-access exchange-traded funds (ETFs) has officially gone underwater.
Investors in US ETFs that offer direct access to the cryptocurrency are now sitting on collective losses.
The average cost basis across all ETF inflows sits at approximately US$89,600 – a level bitcoin breached on Tuesday, according to Sean Rose at market intelligence firm Glassnode.
That figure reflects the flow-weighted average price of all ETF inflows since launch. When bitcoin trades below that line, the cohort is in the red.
The good news: a slew of purchases made when the coin was between US$40,000 and US$70,000 are still in profit, Rose said.
The milestone underscores how fast optimism has faded in crypto markets. After surging to records in early October, bitcoin has now dropped more than 30 per cent, fuelled by risk-averse traders and longer-term holders cashing out.

Though cryptocurrencies are famously volatile, the decline has caught Wall Street off guard, given the influx of institutional cash that flooded the industry since Donald Trump’s presidential victory.
The breach marks a test of mettle for both retail and institutional investors, many of whom rode crypto’s momentum over the past year on the promise of fresh gains ahead.
The ETF wrapper has been hailed as a safer, regulated entry point into digital assets, but the recent drop is a reminder that crypto’s notorious volatility has not vanished just because Wall Street showed up.
Billions of dollars have flooded bitcoin-focused ETFs this year, with the line-up proving so popular that issuers have launched products beyond funds focused on the largest token and its brethren, ether.
More than 110 crypto-minded ETFs currently trade in the US, according to data compiled by Bloomberg.
The group of 12 ETFs dedicated to bitcoin have seen net outflows of about US$2.8 billion so far in November.


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Faded glory: bitcoin ETF investors in the red after crypto’s US$89,600 level breaks

While ETFs have been hailed as safer entry points into digital assets, bitcoin’s recent drop is a reminder that crypto’s notorious volatility has not vanished. Photo: Shutterstock

Investors in US bitcoin ETFs that offer direct access to the cryptocurrency are now sitting on collective losses. Photo: Shutterstock

Bitcoin erases year’s gain as crypto bear market deepens

Bitcoin has fallen back to levels reached at the end of last year. Photo: Reuters

Bitcoin has struggled to recover since a surprise tariff announcement by US President Donald Trump in October. Getty Images via AFP

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Bitcoin prices are struggling to recover after a market rout last week. Photo: Reuters

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Bitcoin and ether, the world’s two largest cryptocurrencies, suffered a crash last week. Photo: AFP

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Bitcoin bounced back above US$114,000 on Monday. Photo: Shutterstock Images

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The breach marks a test of mettle for investors, underscoring how fast optimism has faded in cryptocurrency markets


The breach marks a test of mettle for investors, underscoring how fast optimism has faded in cryptocurrency markets.


Faded glory: bitcoin ETF investors in the red after crypto’s US$89,600 level breaks

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The breach marks a test of mettle for investors, underscoring how fast optimism has faded in cryptocurrency markets

The breach marks a test of mettle for investors, underscoring how fast optimism has faded in cryptocurrency markets