The average US spot Bitcoin ETF investor is officially underwater for the first time since these products launched. With Bitcoin falling below $89,600, those who bought in around the $91K flow-weighted cost basis are seeing red. Early buyers from $40K–$70K? Still smiling.
ETFs Are Losing Ground
It’s not just a small wobble: withdrawals are piling up. US spot Bitcoin ETFs lost $254.6M on Monday alone:
• BlackRock iShares Bitcoin Trust (IBIT): $145.6M out
• Fidelity Wise Origin Bitcoin Fund (FBTC): $12M out
• ARK 21Shares Bitcoin ETF (ARKB): $29.7M out
• Bitwise Bitcoin ETF (BITB): $9.5M out
This marks the fifth straight day of outflows, starting Nov 12 with $278.1M, then a massive $866.7M on Nov 13 (second-worst day ever). Even Nov 14 saw $492.1M leaving ETFs.
Ether ETFs are in the same boat: Monday’s outflows hit $182.7M, led by BlackRock’s iShares Ethereum Trust (ETHA) with $193M exiting in a single session.
Why Investors Aren’t Panicking (Yet)
Not everyone’s rushing for the exit. Vincent Liu from Kronos Research points out that most ETF holders are long-term allocators — being underwater doesn’t mean instant selling. It’s all about macro conditions and liquidity: tight markets increase downside pressure, while easing signals lift anchors and rotate flows back.
The Takeaway
• Bitcoin ETFs are red for now, but this isn’t a crash for long-term holders.
• Big money is watching liquidity, macro cues, and central bank signals.
• The market is testing patience, but clarity in policy could flip outflows into inflows fast.
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