Bitcoin’s sharp downturn has pushed the average U.S. spot Bitcoin ETF investor into negative territory for the first time since the products debuted.
Glassnode analyst Sean Rose told Bloomberg that the flow-weighted cost basis across all U.S. Bitcoin ETFs now sits near $89,600 — a level BTC broke below on Tuesday. That drop means the average ETF holder is currently in the red, though early investors who bought during the $40,000–$70,000 range remain comfortably ahead.
Despite the dip, most ETF investors aren’t expected to rush for the exits.
“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, CIO at Kronos Research, told Cointelegraph.
Liu added that broader macro conditions are driving sentiment: “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.”
Spot Bitcoin and Ether ETFs continued to see heavy withdrawals this week, extending a multi-day streak of outflows as market sentiment weakens.
Data from Farside Investors shows that U.S. spot Bitcoin ETFs recorded $254.6 million in outflows on Monday, marking the fifth consecutive day of redemptions. BlackRock’s iShares Bitcoin Trust (IBIT) led the losses with $145.6 million pulled, followed by $12 million exiting Fidelity’s Wise Origin Bitcoin Fund (FBTC). ARK 21Shares’ ARKB saw $29.7 million in withdrawals, while Bitwise’s BITB shed $9.5 million.
The outflows follow a series of major redemptions earlier in the month — $278.1 million on Nov. 12, a massive $866.7 million on Nov. 13 (the second-worst day on record), and another $492.1 million on Nov. 14.
Spot Ether ETFs are seeing similar pressure. On Monday, they logged $182.7 million in combined outflows, with BlackRock’s iShares Ethereum Trust (ETHA) alone losing $193 million in a single session.
“A shift will come once we see clearer disinflation, a cooling labor market that doesn’t collapse, and central banks signaling genuine easing instead of ‘higher for longer,’” Liu said. “When those factors line up, liquidity improves, volatility drops, and capital typically rotates back in.”
Solana ETFs Extend Strong Inflow Streak
While Bitcoin and Ether ETFs continue to bleed assets, Solana ETFs are bucking the trend. On Monday, the Bitwise Solana Staking ETF (BSOL) drew $7.3 million in fresh inflows, and the Grayscale Solana Trust ETF (GSOL) added another $0.9 million.
Solana-linked funds — including BSOL, GSOL and VSOL — have recorded positive inflows every single day since their launch in late October, pushing their combined net inflows to approximately $390 million to date.
