Bitcoin ETF holders in profit for first time since January

Bitcoin Magazine reports that holders of U.S. Bitcoin exchange-traded funds have turned a profit for the first time since January. On Monday, Bloomberg ETF analyst James Seyffart noted on X that a morning rally in New York pushed the average investor above the estimated cost basis of $81,772.

The coin hit an intraday peak of $86,837 before closing near $86,772. It remains over 30% below the all-time high of $126,080 set last year.

U.S. Bitcoin ETFs saw net positive flows exceeding $6 million last week. Farside Investors data shows investors placed nearly $593 million into the products on Thursday and Friday. Coinglass data indicates the funds now oversee $98.8 billion in assets.

This rise follows a volatile period. Bitcoin rallied in August after the Treasury Department announced it would double long-dated bond buybacks, achieving its best week since 2023. An all-time high in October ended later that month when the largest liquidation event in crypto history closed over $19 billion in bets.

The price increase occurred even though the Clarity Act faced a block last week while the Federal Reserve hiked rates. Bitcoin has since weathered news of a hawkish pivot as investors returned to the debasement trade. The Securities and Exchange Commission approved Bitcoin ETFs in 2024, marking the strongest debut ever recorded for these financial instruments.