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Bitcoin ETF holders return to profit as BTC pushes above $86,000
Bitcoin surpassed the estimated ETF cost basis of $81,72 for the first time since January, while U.S. spot Bitcoin ETFs drew more than $593 million in inflows over Thursday and Friday.
Bitcoin exchange-traded fund holders are back in profit for the first time since January after a surge pushed the cryptocurrency above $86,000, Bitcoin Magazine reported. ETF analyst James Seyffart said Monday morning’s rally lifted the average investor above the estimated ETF cost basis of $81,72.
The article said Bitcoin traded near $86,772, after reaching a high of $86,837 during the day, and it remains more than 30% below the all-time high of $126,080 hit last year. The gains came even as the Clarity Act was blocked last week and the Federal Reserve raised interest rates.
Bitcoin Magazine also cited ETF flow data, saying U.S. Bitcoin ETFs managed by firms including BlackRock, Fidelity, Grayscale, and Morgan Stanley received net positive flows of over $6 million last week. It added that investors poured nearly $593 million into the funds on Thursday and Friday, using Farside Investors data.
The piece traced the move to other catalysts, including an August rally after the Treasury Department said it would least double the size of its long-dated bond buybacks. It noted the coin later fell after the Fed signaled it was in no hurry to cut rates and after a major liquidation event closed more than $19 billion in crypto bets, then later recovered amid renewed interest in a debasement trade.
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