62% Of Bitcoin ETF Inflows Underwater As Price Crashes To $76,000

On-chain data shows the Bitcoin spot price is now below the cost basis of nearly two-thirds of inflows into exchange-traded funds (ETFs).

Below is the chart posted by the analyst that shows the trend in the weekly netflow related to the Bitcoin spot ETFs, among other metrics:

In the netflow graph, Checkmate has highlighted which of the weekly inflow spikes are part of this loss of supply. It would appear that the last green inflows are now sitting all the way back in late 2024, with all spikes since then underwater. “If you assume a cost basis of inflows on the day they occurred, 62% of ETF inflows are now underwater,” noted the analyst.

So far in the history of BTC spot ETFs, holders haven’t been underwater to a significant degree as BTC has generally gone up since their launch. During a phase in mid-2024, the cryptocurrency did dip below the cost basis of these traders, but even then, it never went too far below the line.

Given this, the latest breach of the Bitcoin spot ETF break-even level could end up being the first time that these investors would have to deal with the pain of a bear phase. It now remains to be seen how the netflow related to these investment vehicles will develop in the coming weeks.

Bitcoin fell to $75,000 on Sunday, but the asset has rebounded a bit to start the new week as its price is now floating around $77,800.