Bitcoin ETF Investors Return to Profitability as Price Approaches $87,000

Bitcoin ETF holders have returned to profit following a recent surge in the cryptocurrency's price. Bloomberg ETF analyst James Seyffart noted that the average investor's cost basis of approximately $81,720 was surpassed during Monday's rally in New York. Despite the failure of the CLARITY Act last week and Federal Reserve interest rate hikes, Bitcoin reached nearly $86,837. U.S. Bitcoin ETFs managed by firms including BlackRock, Fidelity, Grayscale, and Morgan Stanley recorded over $6 million in net inflows last week, with significant buying activity on Thursday and Friday.