Most investors in spot bitcoin ETFs are now sitting close to breakeven, with the average cost basis hovering around $90,000.
BlackRock’s IBIT fund recorded its heaviest single-day outflow since its January 2024 launch, adding to what has already become a record month of withdrawals, Farside data shows. The ETF shed $523.2 million on Tuesday, despite bitcoin gaining more than 1% and briefly trading above $93,000.
A few issuers managed to attract fresh capital. Franklin Templeton’s EZBC pulled in $10.8 million, while Grayscale’s Bitcoin Mini Trust saw $139.6 million in new inflows. Even with those additions, the market as a whole ended the session with $372.8 million in net outflows—its fifth straight day of redemptions.
November has been unusually weak for ETF demand, generating only three days of positive flows. Bitcoin itself is holding near $90,000, about 30% below its record high set in October. Total net inflows into U.S. spot bitcoin ETFs since launch now sit at $58.2 billion.
CoinDesk Research noted the sharp price drop in BTC contrasts with the relatively steady assets under management for U.S. ETFs, implying that the bulk of the selling pressure is occurring outside ETF channels.
Bianco Research’s Jim Bianco added that the average entry price for all spot bitcoin ETF inflows since January is $90,146—meaning the typical holder is only slightly in profit with bitcoin trading just above $91,000.
IBIT was down 1.5% in pre-market trading at $52.
