Unrealized losses on U.S. spot Bitcoin ETFs have narrowed from about $18 billion in February to roughly $3.9 billion today, bringing them closer to break-even again, according to an analysis by Glassnode.
According to Glassnode, the average break-even price for the Bitcoin acquired by U.S. spot ETFs since their launch is about $86,000. ETF holdings remained below this price for 228 consecutive trading days, while unrealized losses expanded to about $18 billion on February 5 before narrowing to roughly $3.9 billion recently alongside Bitcoin’s price rebound.
The current level marks the closest ETF investors have come to break-even since January. Glassnode said the area around $86,000, the ETFs’ average purchase price, is acting as a key resistance zone for Bitcoin.
It also analyzed that if Bitcoin sustainably recovers this price range, ETF investors will enter an overall unrealized-profit position for the first time this year.