Bitcoin (CRYPTO: BTC) ETF holders are now underwater with the average purchase price at $90,200 while BTC trades at $84,000, according to Bianco Research’s Jim Bianco.
The Profitless Reality
Bianco broke down the numbers across three posts on X, pointing out the average Bitcoin ETF buyer since January 2024 is down roughly $5,000, or about 7% underwater.
Strategy (NASDAQ:MSTR), the largest digital asset treasury, holds Bitcoin at an average purchase price of $76,020. The company sits on roughly $8,000 profit per coin, or about 12% gain.
Together, Strategy and the Bitcoin ETFs control roughly 10% of all Bitcoin in circulation.
However, Bianco’s data shows they now have no unrealized profits collectively.
The $84,500 Defense Line
Historical patterns suggest the average cost basis acts as critical support.
In September 2024, when BTC fell below the ETF’s average purchase level, the token consolidated …Full story available on Benzinga.com
Bitcoin Slips Below This Key Zone Is A Final Flush Coming?
...
Read moreDetails
