Average Bitcoin ETF Investor Back in Profit Since January

The average US spot Bitcoin ETF investor is back in profit for the first time since January, after Bitcoin climbed above the average holder’s estimated ETF cost basis of $81,722 per coin, according to Bloomberg Intelligence analyst James Seyffart, who said in a post on X the funds’ holders were “back above water” as the rally lifted Bitcoin past that level.

The milestone arrived alongside the funds’ strongest day of the year. US spot Bitcoin ETFs took in $998.95 million in net inflows on Monday, their biggest single-day haul since October 2025, led by BlackRock’s IBIT at $381.37 million. Ark and 21Shares’ ARKB added $289.12 million and Fidelity’s FBTC $238.84 million. Bitcoin traded around $86,300 on Tuesday, roughly 5% above the estimated cost basis, after a gain of nearly 13% over seven days.

The size of the underwater cohort matters for how the market trades. David Wachsman, president of Hawkeye Digital, said holders sitting on losses “often sell the first chance they get to break even,” so much of this year’s demand had to absorb that supply. With the average holder above water, that break-even selling pressure eases.

One caveat tempers the headline number. Bloomberg Intelligence analyst Eric Balchunas said the reported Monday flows most likely reflect Friday’s buying rather than Monday’s, so the funds’ response to Monday’s price move may still be ahead.

The inflow day marked a sharp turnaround. The week ending September 18 brought just $6.2 million of net inflows, the smallest weekly total across 141 weeks of trading. The funds have now drawn $56.16 billion cumulatively since launch and hold about $110.14 billion in assets, equal to 6.3% of Bitcoin’s market capitalization.

The average US spot Bitcoin ETF investor is back in profit for the first time since January, after Bitcoin climbed above the average holder’s estimated ETF cost basis of $81,722 per coin, according to Bloomberg Intelligence analyst James Seyffart, who said in a post on X the funds’ holders were “back above water” as the rally lifted Bitcoin past that level.

The milestone arrived alongside the funds’ strongest day of the year. US spot Bitcoin ETFs took in $998.95 million in net inflows on Monday, their biggest single-day haul since October 2025, led by BlackRock’s IBIT at $381.37 million. Ark and 21Shares’ ARKB added $289.12 million and Fidelity’s FBTC $238.84 million. Bitcoin traded around $86,300 on Tuesday, roughly 5% above the estimated cost basis, after a gain of nearly 13% over seven days.

The size of the underwater cohort matters for how the market trades. David Wachsman, president of Hawkeye Digital, said holders sitting on losses “often sell the first chance they get to break even,” so much of this year’s demand had to absorb that supply. With the average holder above water, that break-even selling pressure eases.

One caveat tempers the headline number. Bloomberg Intelligence analyst Eric Balchunas said the reported Monday flows most likely reflect Friday’s buying rather than Monday’s, so the funds’ response to Monday’s price move may still be ahead.

The inflow day marked a sharp turnaround. The week ending September 18 brought just $6.2 million of net inflows, the smallest weekly total across 141 weeks of trading. The funds have now drawn $56.16 billion cumulatively since launch and hold about $110.14 billion in assets, equal to 6.3% of Bitcoin’s market capitalization.