BTC falls below estimated $86K cost basis for recent U.S. spot ETF buyers

Bitcoin fell below $86,000 overnight amid a short-term pullback, slipping under what is estimated to be the average purchase price for recent investors in U.S. spot ETFs, The Defiant analyzed. Citing analysis from U.S.-based crypto exchange Bitfinex, the outlet said the average cost basis for investors in U.S. spot Bitcoin ETFs is estimated at about $86,000. With BTC dropping below that level, capital that recently flowed in through the ETFs has also moved into unrealized losses. U.S. spot BTC ETFs saw net inflows of $999 million on Monday and $714.7 million on Tuesday, and BTC has since fallen below the prices at which those funds entered. The report said the key question for whether Bitcoin’s uptrend can continue is whether sustained net buying persists at prices above ETF investors’ average cost basis. According to CoinMarketCap, BTC was trading at $84,575.72, down 1.97%, at the time of writing.