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Bitcoin spot ETF investors face Aug. 14 13F deadline spotlight
Bloomberg Intelligence estimates US spot Bitcoin ETF capital’s average net cost basis at about $82,249, putting the position roughly 22% underwater with $16.33 billion in unrealized losses.
Bloomberg Intelligence estimates the average net cost basis of US spot Bitcoin ETF capital at roughly $82,249, which implies the position is about 22% underwater and sits on $16.33 billion in unrealized losses. The disclosure timing matters because large investment managers face an Aug. 14 deadline to file positions from June 30, offering a clearer view of who is holding and how much capital is staying in regulated ETF wrappers.
In its latest note, Citi cut its 12-month Bitcoin target from $112,000 to $82,000 and reduced its forecast for net ETF inflows from $10 billion to zero. Bloomberg Intelligence says the revised $82,000 target aligns closely with its estimated ETF cost basis, underscoring how breakeven expectations are being tested.
Flow data cited from Farside Investors show US-traded spot Bitcoin ETFs took in $233.1 million on July 30, with cumulative net inflows since launch of nearly $51.6 billion. The same data also show net outflows of about $4.36 billion across 13 sessions from May 15 through June 3, about $4.51 billion in net outflows for June as a whole, and only around $438 million of net outflows in July through July 30.
The Aug. 14 filings are required by SEC rules, with Form 13F due within 45 days after quarter-end for managers holding at least $100 million in qualifying securities. The SEC’s approach excludes short positions from Form 13F entirely, and written options are also excluded, while long put and call options can appear separately from common ETF share counts. BlackRock’s IBIT is identified as the market liquidity anchor, with net assets near $47.7 billion as of July 30, around 1.3 billion shares outstanding, and a year-to-date net-asset-value return of negative 25.94%.
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