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BTC SPOT ETF: A RESET SIGNAL?
Spot Bitcoin ETFs just hit an unwelcome milestone—the biggest liquidity drawdown ever recorded. Here's what's brewing beneath the surface:
The average cost basis for ETF holders is hanging around $86K. For anyone who bought after the peak? They're underwater. Not a great look.
Then there's the outflow story: Over $6 billion has exited spot BTC ETFs—also a record. That's real capital heading for the exits.
But there's a silver lining emerging. The selling pressure is actually starting to ease, which suggests we might be approaching some kind of equilibrium. Problem is, with order books thinning out across venues, even moderate ETF flows could move markets fast. Thin liquidity means less cushion for both inflows and outflows—volatility is basically priced in now.