Bitcoin hits $86,000 putting ETF investors back in profit after $86 billion wipeout
Bitcoin’s rebound to about $86,000 has lifted the average US spot Bitcoin ETF investor back above estimated cost basis for the first time since January. The funds’ buys-only cost basis is around $81,722, while their net cost basis is closer to the market price. ETF holders had shifted from $86.32 billion in unrealized gains in October 2025 to an estimated $780 million loss by September 18, but price gains have since restored profitability. Cumulative ETF inflows remain about $6 billion below their October 2025 peak, and the funds have seen net outflows in 2026. Recent flows have been volatile: roughly $1.5 billion in daily inflows and outflows left the latest week nearly flat, with $6.21 million in net inflows. Whether investors add exposure or sell near breakeven may shape the next phase of Bitcoin’s recovery.
