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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
11/18/2025

Bitcoin ETF Investors Go Underwater for the First Time as BTC Falls Below $89,600

The crypto market continued to see sharp volatility this week as Bitcoin dropped significantly, pushing the majority of investors holding U.S. spot Bitcoin ETFs into unrealized losses. This marks the first time this group of investors has gone "underwater" since spot Bitcoin ETF products were approved and listed. Bitcoin ETF Investors Officially "Underwater" According to on-chain analytics data from Glassnode, the flow-weighted cost basis across all U.S. spot Bitcoin ETFs currently sits at approximately $89,600. Bitcoin fell below that level on Tuesday, flipping ETF investors into a loss position.

Bitcoin ETF Investors Go Underwater for the First Time as BTC Falls Below $89,600

The crypto market continued to see sharp volatility this week as Bitcoin dropped significantly, pushing the majority of investors holding U.S. spot Bitcoin ETFs into unrealized losses. This marks the first time this group of investors has gone "underwater" since spot Bitcoin ETF products were approved and listed.

Bitcoin ETF Investors Officially "Underwater"

According to on-chain analytics data from Glassnode, the flow-weighted cost basis across all U.S. spot Bitcoin ETFs currently sits at approximately $89,600. Bitcoin fell below that level on Tuesday, flipping ETF investors into a loss position.

That said, Glassnode analyst Sean Rose noted that investors who bought in early — when Bitcoin was trading between $40,000 and $70,000 — are still sitting on gains.

Vincent Liu, Chief Investment Officer at Kronos Research, told Cointelegraph that the price falling below the average cost basis does not create strong selling pressure, as most ETF investors are long-term allocators. "What ultimately matters is the macro environment and liquidity conditions," he said.

Bitcoin and Ether ETFs Continue to See Heavy Outflows

Data from Farside Investors showed that U.S. spot Bitcoin ETFs recorded $254.6 million in outflows on the first trading day of the week, marking the fifth consecutive day of negative flows.

  • BlackRock IBIT: $145.6 million outflow
  • Fidelity FBTC: $12 million outflow
  • ARKB: $29.7 million outflow
  • BITB: $9.5 million outflow

Ether ETFs faced similar pressure, with $182.7 million in outflows, including a single-session record of $193 million pulled from BlackRock's iShares Ethereum Trust (ETHA).

Market analysts believe that disinflationary signals, a cooling labor market, and the possibility of the Fed shifting toward an easing stance will be the key factors that eventually reverse capital flows.

Solana ETFs Stand Out as a Rare Bright Spot

In contrast to Bitcoin and Ether, Solana ETFs continued to show strength, maintaining daily inflows every single day since their launch in late October.

In the most recent session:

  • Bitwise Solana Staking ETF (BSOL) attracted $7.3 million
  • Grayscale Solana Trust ETF (GSOL) added $0.9 million

Cumulative inflows across Solana ETFs (BSOL, VSOL, GSOL) have now surpassed $390 million, reflecting strong conviction in the Solana ecosystem despite the broader market pullback.