Bitcoin exchange-traded fund holders are back in profit, according to Bloomberg ETF analyst James Seyffart. In a post on X on Monday, Seyffart said the rally in New York trading early Monday pushed the average ETF investor’s cost basis, roughly $81,700, back into profitable territory for the first time since January.
Bitcoin climbed above $86,000 despite setbacks for the Clarity Act, a key crypto bill, and a Federal Reserve rate hike last week. The token reached an intraday high of $86,800 and was last trading around the same level, though it remains more than 30% below the record high of $126,000 set last year.
On fund flows, U.S. spot Bitcoin ETFs managed by BlackRock, Fidelity, Grayscale and Morgan Stanley posted net inflows of more than $6 million last week. Nearly $593 million of that came on Thursday and Friday alone. Coinglass data shows the ETFs now hold $98.8 billion in assets under management. Bitcoin’s rally began in August after the U.S. Treasury said it would at least double the scale of long-term bond buybacks, and the asset later hit a record high in October before pulling back after more than $19 billion in positions were liquidated in what was described as the largest liquidation event in crypto history.
Bitcoin exchange-traded fund holders have moved back into profit, according to ChainCatcher.
Bloomberg ETF analyst James Seyffart said in a Monday post on X that gains in New York trading early Monday pushed the average ETF investor’s cost basis, about $81,700, back into profitable territory. He said it was the first time that had happened since January.
Bitcoin rose above $86,000 even after the Clarity Act, a key crypto bill, was blocked last week and the Federal Reserve raised rates. The cryptocurrency hit an intraday high of $86,800 and was last quoted at about $86,800. Even so, it was still down more than 30% from the all-time high of $126,000 set last year.
On flows, U.S. spot Bitcoin ETFs managed by BlackRock, Fidelity, Grayscale and Morgan Stanley recorded more than $6 million in net inflows last week. Investors added nearly $593 million on Thursday and Friday alone.
According to Coinglass, those ETFs now manage $98.8 billion in assets.
As background, Bitcoin began rising in August after the U.S. Treasury announced it would at least double the scale of its long-term bond buybacks. The token then posted its best single-week performance since 2023. It later set a record high in October, before falling back at the end of the month following what the source described as the largest liquidation event in crypto history, with more than $19 billion in positions closed.
Despite the Federal Reserve turning more hawkish, investors continued to pour into what was described as a "currency debasement trade," helping drive a rebound in Bitcoin.
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