62% of Bitcoin ETF money is now underwater

The crypto ETFs market is suffering and printing red indexes as Bitcoin price slides below the 10-month low. Bitcoin is reportedly trading below the average cost basis of US spot Bitcoin ETFs. This comes after two of the largest weekly outflows. However, it has also left the most recent ETF buyers holding unrealized losses.

The market saw $1.49 billion leaving Bitcoin funds last week. Jan 29 posted outflows of $817 million, the biggest of the week. Jan 29 stood second in this tally as it recorded a withdrawal of $509 million. Before this week, Bitcoin ETFs registered an outflow of $1.33 billion. Jan 21 went on to hit $708 million of outflow that week.

Bitcoin ETF buyers sink into losses

If you assume a cost basis of inflows on the day they occurred, around 62% of total bitcoin ETF inflows are now underwater. This marks a sharp reversal from conditions earlier this year when most ETF investors were sitting on gains.

As per the data shared by, US Bitcoin ETFs recorded a net outflow of $509.7 million on Jan 30. Outflows were heavily concentrated. BlackRock’s iShares Bitcoin Trust posted withdrawals of $528.3 million on the day. 

A small number of funds saw modest inflows. ARK Invest’s ARKB recorded an inflow of $8.34 million. This lifted its total inflows to around $1.48 billion. Fidelity’s FBTC added $7.3 million, bringing cumulative inflows to about $11.27 billion.

The ETF selling coincided with renewed weakness in BTC price. The biggest crypto price has dropped by almost 13% over the past 30 days. It went on to fall to $74,000 levels. This is close to its lowest level since US President Donald Trump returned to the White House. Since Jan 16, spot bitcoin ETFs have recorded consistent daily outflows with only one session of net inflows.

Bitcoin has now dropped nearly 10% in January. That marked its fourth consecutive monthly decline. It is now the longest losing streak since 2018. Bitcoin is trading at an average price of $78,960 at the press time.

The pullback came in with the broader market stress. Gold extended losses on Monday after suffering its steepest fall in more than a decade late last week. Risk sentiment across global markets has weakened, adding pressure to digital assets.

Ether ETFs bleed $253M

Ethereum faced even heavier pressure. Data shows that US Ether ETFs recorded combined outflows of $252.9 million on Jan 30.  BlackRock’s ETHA fund lost $157.2 million, while Fidelity’s FETH saw $95.7 million in withdrawals. Ether’s price has dropped by more than 18% over the last 7 days. ETH is trading at an average price of $2,365 at the press time.

Solana was also hit. The token dropped nearly 10% to about $105.36. Solana-linked ETFs recorded $11.3 million in outflows, with most selling coming from funds run by Bitwise and Grayscale. Ripple’s XRP stood out. While its price slipped 2.21% to about $1.66, XRP was the only major crypto asset to record net ETF inflows. SoSoValue data showed XRP products attracted $16.79 million.

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