Bitcoin Hits $86,000, Pushing ETF Investors Back Into Profit

Bitcoin surged about 6% over 24 hours to briefly trade near $86,000, pushing US spot exchange-traded fund investors back into profit. CryptoSlate reported that the move placed the average holder above the estimated buys-only cost basis of $81,722 per coin for the first time since January.

Bloomberg Intelligence analyst James Seyffart said the rally reversed much of the damage inflicted during the year’s downturn. He noted that the funds’ net cost basis sits closer to current prices, leaving some investors near breakeven. Bitcoin traded around $85,165 in Bloomberg Intelligence’s latest reading, clearing both cost-basis levels.

The turnaround followed a significant decline in fund performance. Unrealized gains of roughly $86.32 billion were recorded by holders on Oct. 6, 2025, before a selloff wiped that out. An estimated $780 million unrealized loss marked the cohort’s position by Sept. 18. The current rebound of more than $26,000 from a low of about $58,642 has restored value to holdings, though cumulative net inflows remain roughly $6.03 billion below their October 2025 peak.