If you assume a cost basis of inflows on the day they occurred, 62% of ETF inflows are now underwater.

BTC is trading below the U.S. ETFs avg cost basis after the 2nd & 3rd biggest outflow weeks ever (last week and week before)
(and last week’s outflow will increase after IBIT reports friday’s numbers tomorrow)
this means the average bitcoin ETF purchase is underwater

Alex Thorn

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