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Crypto writer
Arslan Butt
Crypto writer
Arslan Butt
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Bitcoin is trading at around $96,466, a modest rebound but still far from the highs seen earlier this year. The market’s concern now centers on a single chart: the rising average cost of buying spot Bitcoin ETF inflows.
According to the data highlighted by Jim White of Bianco Research, the $59 billion that has flowed into the top ten spot Bitcoin ETFs since January 2024 now carries an average cost base of $90,146. With Bitcoin trading only slightly above that level, aggregate unrealized profits are down to about $2.94 billion, or 4.7%.
Bianco argues that this is important for one reason: If ETF buyers become net sellers, liquidity could thin quickly. His point is blunt, money market funds would have generated greater gains in the same 22-month period, which raises questions about the performance of Bitcoin relative to traditional assets.
2025 Performance Lag Raises Concerns
So far, 2025 has been challenging for the broader crypto market. Bitcoin opened the year at $93,463, fell below that level last week, and is now only 2.6% year to date. Ethereum fared worse, dropping 3.7% since January after starting the year at $3,331.
ETF behavior adds another layer of stress. A single trading session saw $869.9 million in net inflows, amplifying selling and pushing the Crypto Fear & Greed Index to one of its lowest readings of the year.
The chart shared by Bianco clearly shows this shift: unrealized ETF profits peaked at close to $23.9 billion on October 6, 2025, before collapsing to $7.8 billion in November.
Voices of optimism remain
Not everyone shares the pessimism. Bitwise CEO Hunter Horsley told CNBC that he sees current levels as a “reasonable entry point,” arguing that Bitcoin continues to gain market share from gold.
Michael Saylor echoed similar confidence, saying that his business remains healthy even if Bitcoin dropped 80%, pointing to its five-year average annual return of 50%, outperforming major asset classes.
Bitcoin Price Prediction – Technical Perspective
Bitcoin price forecast is slightly bullish as BTC tries to stabilize after breaking below a long-term uptrend line, a structural change that still favors sellers. The price remains above the demand area of ​​$94,500-$92,000, but the repeated failures to recover the 20-EMA show that recovery attempts are fragile.
The RSI at 34 reflects a weakening momentum with no bullish divergence in sight. A daily close below $92,000 opens a path towards $91,600, then $83,000. A retracement of $103,000 with an engulfing bullish candle shifts momentum towards $106,700.
Bitcoin Hyper: The Next Evolution of BTC on Solana?
Bitcoin Hyper ($ HYPER) brings a new phase to the Bitcoin ecosystem. While BTC remains the gold standard for security, Bitcoin Hyper adds what was always missing: Solana-level speed. The result: fast, low-cost smart contracts, decentralized apps, and even meme currency creation, all secured by Bitcoin.
Audited by Consultthe project emphasizes reliability and scalability as adoption develops. And the momentum is already strong. The presale exceeded $27 million, with tokens priced at just $0.013265 before the next increase.
As Bitcoin activity grows and the demand for efficient BTC-based applications increases, Bitcoin Hyper stands out as the bridge that connects two of the largest crypto ecosystems. If Bitcoin built the foundation, Bitcoin Hyper could make it back fast, flexible and fun.
Click here to participate in the Presale
