Bitcoin ETF Buyers Sit on Losses as Crypto Conviction Fades

At the heart of Bitcoin’s slow-motion selloff lies a simple problem: the investors meant to be its most reliable new base aren’t buying.

For good reason. Fresh data from Sean Rose at digital-asset data firm Glassnode shows that buyers who entered the market via US spot-Bitcoin exchange-traded funds paid an average of about $84,100 per coin. With Bitcoin now trading near $78,500, the group is sitting on average paper losses of roughly 8% to 9%.