Bloomberg: The average purchase cost for Bitcoin ETF investors is approximately $84,100, currently facing a loss of about 8% to 9%

According to Bloomberg, the core issue of this "slow" sell-off of Bitcoin is that the group of investors who were originally highly anticipated to become the most stable buyers in this new round did not continue to enter the market. Glassnode data shows that investors entering through the U.S. spot Bitcoin ETF have an average purchase cost of about $84,100. With Bitcoin currently hovering around $78,500, this group is facing an unrealized loss of about 8% to 9%.

This is not the first time ETF investors have found themselves in a loss. As early as last November, when Bitcoin briefly fell below $89,600 (which was the average cost range for ETF investors at the time), analysts pointed out that this would be a key test of the "conviction strength" of new mainstream investors. Subsequently, as capital inflows at the beginning of 2024 remained profitable, the overall average cost of the ETF decreased, but the funds that entered later have all fallen into losses. From the peak decline, Bitcoin has dropped over 35% from its 2025 high and briefly fell below $77,000 in a low liquidity trading environment over the weekend.

Analysts believe this is the result of multiple factors: exhaustion of capital inflows, declining market liquidity, and an overall weakening of macro attractiveness. Bitcoin's failure to respond to traditional bullish factors such as a weakening dollar or geopolitical risks, along with its "decoupling" from other assets, has made its trend increasingly lack direction. The biggest difference between the sharp drop in October and the current downturn is market sentiment: there is no panic now, only "absence."

The rally that pushed Bitcoin above $125,000 in 2025 was driven by the market's heightened excitement over regulatory prospects, institutional entry, and a bullish retail base. However, since the October crash liquidated billions of dollars in leveraged positions, it is these buyers who once drove the market who have chosen to remain inactive and temporarily step back to observe.