Bitcoin ETF Investors in the Red After $89,600 Level Breaks (3)

The Bitcoin rally that welcomed a wave of new investors through easy-to-access ETFs has officially gone underwater.

Investors in US exchange-traded funds that offer direct access to the cryptocurrency on Tuesday found themselves sitting on collective losses. The average cost basis across all ETF inflows sits at approximately $89,600, according to Sean Rose at Glassnode — a level Bitcoin briefly breached before paring some losses.

That figure reflects the flow-weighted average price of all ETF inflows since launch. When Bitcoin trades below that line, the cohort is in the red. The biggest virtual token traded at around $91,100 as of ...