Average Bitcoin ETF buy underwater as investors pull $2.8B in 2 weeks
Following its weekend rout, Bitcoin dropped to $74,600 on Monday, marking a nine-month low for the cryptocurrency.
Bitcoin is trading below the average cost basis of US spot Bitcoin ETFs after they recorded their second and third-biggest outflow weeks last month, according to Galaxy’s head of research, Alex Thorn.
The total assets under management for US Bitcoin ETF products are approximately $113 billion, according to Coinglass, and they collectively hold around 1.28 million BTC, according to BiTBO, implying an average cost basis of about $87,830 per Bitcoin.
Meanwhile, Bitcoin (BTC) fell about 11% from $84,000 on Saturday to a nine-month low near $74,600 in early trading on Monday.