Solana

Bitcoin ETF

Bitcoin

Spot

Bitcoin’s rapid pullback has pushed the average US spot Bitcoin exchange-traded fund (ETF) investor into the red for the first time since the products launched.
The flow-weighted cost basis across all US Bitcoin (<a href="/bitcoin-price" rel="noopener noreferrer">BTC</a>) ETFs sits near $89,600, a level Bitcoin fell below on Tuesday, leaving the cohort underwater, Glassnode analyst Sean Rose <a href="https://www.bloomberg.com/news/articles/2025-11-18/bitcoin-etf-investors-now-in-the-red-after-89-600-level-breaks" rel="noopener noreferrer nofollow" target="_blank">told</a> Bloomberg on Tuesday. Some early buyers, particularly those who entered when Bitcoin was between $40,000 and $70,000, still remain in profit.
“Even with the average ETF cost basis above spot, most ETF holders are long-term allocators, so being underwater doesn’t trigger quick exits,” Vincent Liu, the chief investment officer at quantitative trading firm Kronos Research, told Cointelegraph.
“In this risk-off environment, liquidity and macro remain the key drivers. Tight conditions can turn losses into downside pressure, while clear easing signals lift anchors,” Liu added.
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 Bitcoin is currently trading at around $89,500. Source: CoinMarketCap
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Related: <a href="https://cointelegraph.com/news/bitcoin-etf-outflows-1-1b-mini-bear-market-fears" rel="noopener noreferrer nofollow">Bitcoin ETFs bleed $1.1B as analysts warn of ‘mini’ bear market at pivotal moment</a>
<h2 id="spot-bitcoin-ether-etfs-see-withdrawals">Spot Bitcoin, Ether ETFs see withdrawals</h2>
On Monday, US spot Bitcoin ETFs extended their multiday bleed, with a combined $254.6 million in outflows, <a href="https://farside.co.uk/btc/" rel="noopener noreferrer nofollow" target="_blank">according</a> to data from Farside Investors. BlackRock’s iShares Bitcoin Trust (IBIT) posted $145.6 million in withdrawals, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw $12 million in outflows. ARK 21Shares Bitcoin ETF (ARKB) lost $29.7 million, and the Bitwise Bitcoin ETF (BITB) shed $9.5 million.
The figures <a href="https://cointelegraph.com/news/bitcoin-etf-outflows-1-1b-mini-bear-market-fears" rel="noopener noreferrer nofollow">mark the fifth straight day</a> of outflows, beginning on Nov. 12, when Bitcoin ETFs shed $278.1 million, followed by an even steeper $866.7 million loss on Nov. 13, the <a href="https://cointelegraph.com/news/bitcoin-etfs-2nd-worst-day-866m-bull-market-intact-analyst" rel="noopener noreferrer nofollow">second-worst session on record</a>. Withdrawals continued on Nov. 14 with $492.1 million exiting the products.
Spot Ether (<a href="/ethereum-price" rel="noopener noreferrer">ETH</a>) ETFs also continued to face steep withdrawals on Monday, recording a combined $182.7 million in outflows, according to data from Farside Investors. The heaviest hit came from BlackRock’s iShares Ethereum Trust ETF (ETHA), which saw $193 million exit in a single session.
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 <img alt="Average Bitcoin ETF investor now underwater as BTC falls below $89.6K" src="https://s3.cointelegraph.com/uploads/2025-11/019a95ca-be03-7935-bcb7-e4163a657f21" title="">
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 Ether ETFs see outflows. Source: Farside Investors
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“A shift will come with clear disinflation, labor softening without breaking, and central bank communication that clearly tilts toward easing rather than “higher for longer.” Once those signals align, liquidity expectations improve, volatility fades, and flows typically rotate back,” Liu said.
Related: <a href="https://cointelegraph.com/news/crypto-index-etfs-adoption-wisdomtree-will-peck-interview" rel="noopener noreferrer nofollow">Crypto index ETFs will be the next wave of adoption</a>
<h2 id="solana-etfs-extend-inflow-streak">Solana ETFs extend inflow streak</h2>
Meanwhile, Solana (<a href="/solana-price-index" rel="noopener noreferrer">SOL</a>) ETFs continued to defy the broader market downturn, logging another day of positive inflows on Monday. The Bitwise Solana Staking ETF (BSOL) pulled in $7.3 million in new capital, while the Grayscale Solana Trust ETF (GSOL) added a modest $0.9 million.
The funds have posted inflows every day <a href="https://cointelegraph.com/news/solana-etfs-finally-launched-so-why-isn-t-sol-trading-far-above-dollar200" rel="noopener noreferrer nofollow">since their launch</a> in late October, bringing cumulative net inflows across BSOL, VSOL and GSOL to roughly $390 million.
Magazine:<a href="https://cointelegraph.com/magazine/2026-pragmatic-privacy-crypto-canton-zcash-ethereum-foundation/" rel="noopener noreferrer nofollow"> 2026 is the year of pragmatic privacy in crypto — Canton, Zcash and more</a>

Average Bitcoin ETF investor now underwater as BTC falls below $89.6K

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