Crypto
Bitcoin Price Surge Pushes ETF Holders Back into Profit
Bitcoin's surge above $86,000 has pushed its exchange-traded fund (ETF) holders back into profit. The average investor now clears an estimated ETF cost basis of about $81,720 for the first time since January.
The price of Bitcoin recently traded near $86,772 after hitting a high of $86,837 earlier in the day. Despite key crypto legislation getting blocked and the Federal Reserve raising interest rates, investors have been piling into the cryptocurrency.
U.S. Bitcoin ETFs received net positive flows of over $6 million last week, with nearly $593 million added on Thursday and Friday. Total ETF assets now stand at $98.8 billion, according to Coinglass data.