Bitcoin ETF Buyers Back Breakeven As BTC Flirts With Losing $90,000
Bitcoin (CRYPTO: BTC) has rebounded back above $90,000 on Tuesday after it touched the average cost basis of U.S. spot ETF holders.
ETF Investors Move Into Loss After $89,600 Support Breaks
According to Bloomberg, Bitcoin’s temporary slide below $89,600 marks the first time U.S. spot ETF investors have gone underwater since the products launched.
The milestone reflects how quickly optimism has faded in digital assets.
After hitting record highs in early October, Bitcoin has dropped more than 30% amid risk-off sentiment and profit-taking by long-term holders.
The decline has caught Wall Street off guard, given the scale of institutional cash that entered the market following Donald Trump’s election win.
ETF demand has been strong all year, with more than 110 cryptocurrency-focused funds now trading in the United States.
Still, the latest downturn shows that the ETF wrapper does not shield investors from Bitcoin’s sharp volatility.
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