Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, a large cohort of spot Bitcoin exchange-traded fund (ETF) investors is underwater as Bitcoin dipped further below $90,000, while Bitwise’s Matt Hougan and BitMine’s Tom Lee have tipped a bottom this week, and Republic Technologies raised $100 million to build a substantial Ether treasury.
Bitcoin’s rapid pullback has pushed the average US spot Bitcoin ETF investor into the red for the first time since the products launched.
The flow-weighted cost basis across all US Bitcoin (BTC) ETFs sits near $89,600, a level Bitcoin fell below on Tuesday, leaving the cohort underwater, Glassnode analyst Sean Rose told Bloomberg on Tuesday. Some early buyers, particularly those who entered when Bitcoin was between $40,000 and $70,000, still remain in profit.
