Bitcoin ETF Holders Back in the Black as Price Barrels Towards $87,000

According to Bitcoin Magazine, Bitcoin exchange-traded fund holders are back in profit for the first time since January following a recent cryptocurrency price surge. Bloomberg ETF analyst James Seyffart reported on X that Monday morning's rally placed the average investor above the estimated ETF cost basis of $81.72 for the first time since January.

Bitcoin shot past $86,000, trading close to $86,772 after reaching as high as $86,837, despite the Federal Reserve raising interest rates and the Clarity Act getting blocked last week. The asset's price remains over 30% below its all-time high of $126,080 from last year.

U.S. Bitcoin ETFs managed by firms including BlackRock, Fidelity, Grayscale, and Morgan Stanley secured net positive flows of over $6 million last week. Farside Investors data indicates investors injected nearly $593 million into the products on Thursday and Friday. Overall, these funds currently manage $98.8 billion in assets according to Coinglass data, following their SEC approval in 2024.