Bitcoin Drops Below $90,000, Pushing U.S. Spot ETF Holders Into Unrealized Loss

Bitcoin fell below $90,000 for the first time since late April, leaving all U.S. spot Bitcoin ETF investors with unrealized losses. The flow-weighted average cost basis across U.S. spot Bitcoin ETFs stands at approximately $89,600, according to Glassnode data. Major ETF issuers recorded $254 million in net outflows on November 17, marking the first cohort-wide drawdown since product launch.