Most Bitcoin ETF investors are now underwater
According to Glassnode, the average cost basis for Bitcoin ETF holders is currently around $89,600, meaning most investors are now in the red, except those who bought early in the $40K–$70K range.
ETF holders are generally long-term investors, so temporary losses don’t trigger immediate selling. However, if weakness persists, these unrealized losses could turn into real selling pressure.
Current ETF flows:
- BTC ETFs: 4 consecutive days of outflows; Nov 13 marked the second-largest outflow since launch at –$866.7M.
- ETH ETFs: 5 straight days of outflows.
- SOL ETFs: bucking the trend with 15 consecutive inflow days, totaling $390M since launch.
