Average Bitcoin ETF investor now underwater as BTC falls below $89.6K

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 (BTC) 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, told Cointelegraph.

“In this risk-off environment, liquidity and macro remain the key drivers. Tight conditions can turn losses into downside pressure, while clear easing signals lift anchors,” Liu added.

Related: Bitcoin ETFs bleed $1.1B as analysts warn of ‘mini’ bear market at pivotal moment

Spot Bitcoin, Ether ETFs see withdrawals

On Monday, US spot Bitcoin ETFs extended their multiday bleed, with a combined $254.6 million in outflows, according to data from Farside Investors. BlackRock’s iShares Bitcoin Trust (IBIT) posted $145.6 million in withdrawals, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw $12 million in outflows. ARK 21Shares Bitcoin ETF (ARKB) lost $29.7 million, and the Bitwise Bitcoin ETF (BITB) shed $9.5 million.

The figures mark the fifth straight day of outflows, beginning on Nov. 12, when Bitcoin ETFs shed $278.1 million, followed by an even steeper $866.7 million loss on Nov. 13, the second-worst session on record. Withdrawals continued on Nov. 14 with $492.1 million exiting the products.

Spot Ether (ETH) ETFs also continued to face steep withdrawals on Monday, recording a combined $182.7 million in outflows, according to data from Farside Investors. The heaviest hit came from BlackRock’s iShares Ethereum Trust ETF (ETHA), which saw $193 million exit in a single session.

“A shift will come with clear disinflation, labor softening without breaking, and central bank communication that clearly tilts toward easing rather than “higher for longer.” Once those signals align, liquidity expectations improve, volatility fades, and flows typically rotate back,” Liu said.

Related: Crypto index ETFs will be the next wave of adoption

Solana ETFs extend inflow streak

Meanwhile, Solana (SOL) ETFs continued to defy the broader market downturn, logging another day of positive inflows on Monday. The Bitwise Solana Staking ETF (BSOL) pulled in $7.3 million in new capital, while the Grayscale Solana Trust ETF (GSOL) added a modest $0.9 million.