Bitcoin Is Down 50% From Its Peak and Your ETF Cost Basis Is Screaming
With the average ETF holder underwater by ~$23K, the question isn't if crypto sentiment is broken — it's how broken
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Let's not sugarcoat it: $BTC has gone from a euphoric $126,000 all the way down to roughly $60,000, and the people feeling it most aren't hedge funds — they're your cousin who bought a Bitcoin ETF in January. The average ETF/ETP holder's cost basis sits at ~$83,000, and the active investor cost basis clocks in at ~$78,000. That's a lot of underwater positions and a lot of very quiet group chats.
Bloomberg's podcast flagged what Reddit's been screaming for weeks: this isn't just a crypto correction — it's a structural decoupling from tech. While the Nasdaq bleeds in sympathy with macro pressure, Bitcoin is doing its own dramatic thing, partially thanks to $MSTR (Strategy) dumping shares and accelerating the rout. Institutional participation remains thin, which means retail is left holding the narrative and the losses.
Historically, Bitcoin bear markets carve out 75%+ drawdowns — so if you think 50% is the bottom, history says: bold of you.