Bitcoin ETFs Underwater as $3.4 Billion Exodus Signals Fundamental Shift in Market Structure
For the first time since late 2023, Bitcoin has fallen below the average cost basis of spot ETF holdings, trading beneath $75,000 while institutional investors withdraw capital at a pace exceeded only once in ETF history. The convergence of hawkish Fed policy, collapsing precious metals, and persistent negative US demand indicators suggests this downturn represents more than cyclical volatility.