Bitcoin Falls Below $90K as Execs Predict a Market Bottom
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Bitcoin and Ether ETFs saw another day of heavy withdrawals, while Solana ETFs maintained an uninterrupted inflow streak since launch.
Bitcoin’s rapid pullback has pushed the average US spot Bitcoin exchange-traded fund (ETF) investor into the red for the first time since the products launched.
The flow-weighted cost basis across all US Bitcoin ETFs sits near $89,600, a level Bitcoin fell below on Tuesday, leaving the cohort underwater, Glassnode analyst Sean Rose told Bloomberg on Tuesday. Some early buyers, particularly those who entered when Bitcoin was between $40,000 and $70,000, still remain in profit.
“Even with the average ETF cost basis above spot, most ETF holders are long-term allocators, so being underwater doesn’t trigger quick exits,” Vincent Liu, the chief investment officer at quantitative trading firm Kronos Research.
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