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

Bitcoin exchange-traded fund holders are back in profit after the cryptocurrency’s latest surge. 

Posted on X on Monday, Bloomberg ETF analyst James Seyffart wrote that the rally on Monday morning in New York posted the average investor above the estimated ETF cost basis of $81,72 for the first time since January. 

Bitcoin shot above $86,000 despite key crypto legislation, the Clarity Act, getting blocked last week and the Federal Reserve raising interest rates. The price of cryptocurrency was recently at close to $86,772 after trading as high as $86,837 earlier in the day. 

The coin’s price now sits over 30% below the all-time high it hit last year of $126,080. 

U.S. Bitcoin ETFs — managed by the likes of BlackRock, Fidelity, Grayscale, and Morgan Stanley —  last week received net positive flows of over $6 million. Investors jumped back into buying shares of the products on Thursday and Friday, throwing nearly $593 million at the vehicles, according to Farside Investors data. 

Bitcoin in August started rallying after the Treasury Department said it would least double the size of its long-dated bond buybacks. It then had its best week since 2023. 

Bitcoin notched an all-time high in October but its run ended later that month after the biggest liquidation event in crypto history saw over $19 billion in bets closed.