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$BTC ETFs are facing their first real bear market test
With the average ETF holder's cost basis estimated around $72,400, issuers are currently sitting on an unrealized loss of roughly 14%.
The pressure is already showing in fund flows. Since October 12, investors have withdrawn approximately $10.5B from Bitcoin ETFs, highlighting how quickly sentiment can shift when prices move against recent buyers.
Despite the outflows, ETF holders have so far avoided the kind of panic selling seen in previous crypto bear markets. The question now is whether long-term institutional demand can absorb the selling pressure and stabilize flows.
Bitcoin ETFs were launched during a bull market. Now they're getting their first lesson in what crypto volatility really looks like.