Bitcoin fell as low as $74,600 on Monday following a weekend rout, a nine-month low. for the cryptocurrency.Bitcoin is trading below the average cost basis of USBitcoin fell as low as $74,600 on Monday following a weekend rout, a nine-month low. for the cryptocurrency.Bitcoin is trading below the average cost basis of US
Average Bitcoin ETF buy underwater as investors pull $2.8B in 2 weeks
News Brief
Bitcoin plummeted to $74,600 on Monday, marking a nine-month low following a turbulent weekend. According to Galaxy's research head Alex Thorn, the cryptocurrency now trades beneath the average purchase price of US spot Bitcoin ETFs—which experienced their second and third-largest outflows last month. Managing approximately $113 billion in total assets, US Bitcoin ETF products hold around 1.28 million BTC, therefore placing their average cost near $87,830 per coin. From Saturday's $84,000, Bitcoin crashed roughly 11% by Monday morning to $74,600. This represents what analysts believe is a significant selloff, leaving investors underwater on their positions.
Bitcoin fell as low as $74,600 on Monday following a weekend rout, a nine-month low. for the cryptocurrency.
Bitcoin is trading below the average cost basis of US spot Bitcoin ETFs after they recorded their second and third-biggest outflow weeks last month, according to Galaxy’s head of research, Alex Thorn.
The total assets under management for US Bitcoin ETF products are approximately $113 billion, according to Coinglass, and they collectively hold around 1.28 million BTC, according to BiTBO, implying an average cost basis of about $87,830 per Bitcoin.
Meanwhile, Bitcoin (BTC) prices collapsed by around 11% in a fall from $84,000 on Saturday to a nine-month low of around $74,600 in early trading on Monday.
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