Bitcoin Price Surge Sends ETF Holders Back into Profit

Bitcoin's price surge has sent ETF holders back into profit as the cryptocurrency approached $87,000. The average investor cleared an estimated ETF cost basis of about $81,720 for the first time since January.

The U.S. Bitcoin ETFs recorded net positive flows last week, with over $6 million added, and nearly $593 million on Thursday and Friday, lifting total ETF assets to $98.8 billion.

This uptick in investment comes despite key crypto legislation, the Clarity Act, getting blocked last week and the Federal Reserve raising interest rates.