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 are now 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 breached on Tuesday.

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 good news: a slew of purchases made when the coin was between $40,000 to $70,000 are still in profit, per Rose.

The milestone underscores how fast optimism has faded in crypto markets. After surging to records in early October, Bitcoin has now dropped

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