Bitcoin ETFs Turn Red as Prices Drop Below $90,000

US investors in Bitcoin Exchange Traded Funds (ETFs) are now experiencing losses as the price of Bitcoin has dipped below the $90,000 mark. This marks the first time since the launch of these ETFs that they have moved into negative territory due to a combination of macroeconomic factors and shifting investor sentiment in the crypto market. The average cost basis for all US Bitcoin ETFs is now near the $89,600 level, indicating many investors are currently underwater. 4 This decline underscores the volatility and shifts in market sentiment that are shaping the cryptocurrency landscape, influenced by global economic trends and risk-averse trading strategies.