Bitcoin’s latest downturn has pushed the average U.S. spot Bitcoin ETF holder into negative territory for the first time since the products debuted earlier this year.
According to Glassnode analyst Sean Rose, the flow-weighted cost basis across all U.S. Bitcoin ETFs now sits near $89,600. With Bitcoin briefly dropping below that level on Tuesday, most ETF investors are — on paper — underwater. Early buyers who entered the market when Bitcoin traded between $40,000 and $70,000 are still comfortably in profit.
“In this risk-off environment, liquidity and macro remain the key drivers,” Liu said. “Tight conditions can turn losses into downside pressure, while clear easing signals lift anchors.”
ETF outflows deepen
Monday marked another day of heavy withdrawals from U.S. spot Bitcoin ETFs. The group saw $254.6 million in outflows, data from Farside Investors shows.
Breakdown of withdrawals:
- BlackRock’s IBIT: $145.6M
- Fidelity’s FBTC: $12M
- ARKB: $29.7M
- Bitwise BITB: $9.5M
The selling pressure extends a five-day streak of outflows that began on Nov. 12, when the products bled $278.1 million, followed by a massive $866.7 million exodus on Nov. 13 — the second-largest on record. Withdrawals continued on Nov. 14 with another $492.1 million leaving Bitcoin ETF products.
Ether ETFs saw similar pressure. U.S. spot Ether products recorded $182.7 million in outflows on Monday, led by BlackRock’s ETHA, which alone registered $193 million in withdrawals.
Liu noted that flows are likely to turn only when there’s clearer macro support — disinflation, softer labor data, and central banks signaling a pivot away from “higher for longer.”
Solana ETFs buck the trend
While Bitcoin and Ether funds struggle, Solana ETFs continue to attract fresh capital. The Bitwise Solana Staking ETF (BSOL) recorded $7.3 million in new inflows on Monday, and the Grayscale Solana Trust ETF (GSOL) brought in another $0.9 million.
The steady appetite for Solana products has now stretched into an uninterrupted inflow streak since launch, even as broader crypto markets face sustained selling from ETF investors.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.