Most spot bitcoin ETF holders are now hovering near breakeven, with the average cost basis sitting close to $90,000.
BlackRock’s spot bitcoin ETF, IBIT, recorded its largest single-day outflow since debuting in January 2024, adding pressure to what has already become its heaviest month of redemptions, according to Farside data. The fund saw $523.2 million in withdrawals on Tuesday, even as bitcoin gained more than 1% and briefly pushed above $93,000.
Redemptions weren’t universal across the sector. Franklin Templeton’s EZBC attracted $10.8 million in new inflows, while Grayscale’s Bitcoin Mini Trust pulled in $139.6 million. Still, the overall market ended the day with a net outflow of $372.8 million—its fifth straight session of withdrawals.
November has been notably weak for the category, producing just three days of positive inflows. Bitcoin itself is trading around $90,000, roughly 30% below its October all-time high. Total net inflows across all U.S. spot bitcoin ETFs since their launch now stand at $58.2 billion.
Despite bitcoin’s sharp drop this month, CoinDesk Research observed that U.S. ETF assets under management have remained comparatively steady, suggesting that most selling pressure is occurring outside the ETF universe.
Jim Bianco of Bianco Research noted that the average cost basis for all cumulative spot bitcoin ETF inflows since January is $90,146—indicating that the typical investor is sitting just slightly above water with bitcoin trading near $91,000.
IBIT was down 1.5% in pre-market trading at $52.
About The Author
More Stories
According to Galaxy Digital’s research chief, Bitcoin faces a highly unpredictable 2026.
According to Fidelity’s Jurrien Timmer, 2026 could be underwhelming while Bitcoin’s four-year cycle remains intact.
BlackRock’s Bitcoin ETF attracts $25 billion over the year, defying the recent Bitcoin downturn.