Bitcoin tumbled below $90,000 on Tuesday, marking the first time it breached this psychological threshold since April and pushing the average spot ETF investor into collective losses for the first time since these products launched.
The decline has erased all gains made in 2025 and now sits more than 30% below its record high of over $126,000 reached in early October, with billions of dollars in unrealized losses weighing on both retail and institutional portfolios.
Source: TradingView
According to Bloomberg, the flow-weighted average cost basis across all ETF inflows now stands at approxim