Note : This story was first published in french on my Substack and traduced to english by using AI.

BTC briefly dropped below the average acquisition cost of U.S. ETFs — raising fears that selling pressure could intensify. A wave of concern is now sweeping through American Exchange-Traded Fund (ETF) holders.

On the morning of Tuesday, November 18, 2025, Bitcoin fell below the $90,000 mark, reaching a temporary low of $89,300. That figure sits below the average purchase price of BTC held through ETFs.

According to Glassnode, the aggregate cost basis of Bitcoin across all U.S. ETFs is estimated at around $89,600.

Speaking to Bloomberg, a Glassnode analyst noted that many early ETF buyers remain in profit — specifically those who accumulated BTC when prices ranged between $40,000 and $70,000.

Not everyone sees panic selling on the horizon. Kronos Research’s Chief Investment Officer remains unconvinced.

“Most ETF holders are long-term investors, so being temporarily underwater doesn’t automatically trigger fast outflows,”
said Vincent Liu in a comment to Cointelegraph.

He added:

“In today’s risk-averse market environment, liquidity and macroeconomics remain the biggest drivers. Tight conditions can turn losses into downward pressure, while clear signals of easing can lift the anchor.”

Bitcoin has since recovered slightly and, at the time of writing, trades around $90,901.

However, with BTC closing below the 50-week moving average this past Sunday, bearish momentum appears to be forming.

Wall Street didn’t wait long to react. On Monday, U.S. ETFs recorded $254.6 million in net BTC outflows, according to Farside Investors.

The pattern aligns with recent behavior: since October 30, 2025, U.S. crypto funds have registered $765.1 million in total inflows — a figure lower than the withdrawals recorded on November 13 alone, when over $866 million worth of BTC was sold.

Meanwhile, Ethereum-focused funds are showing a similar dynamic, logging consecutive weeks of sizable redemptions.

Solana, however, stands out as the exception. Over the same period, U.S. ETFs accumulated $390 million worth of $SOL. Despite the absence of any major sell-off days, buying activity has not been strong enough to counter broader downward pressure on $SOL.

Across both traditional finance channels and decentralized ecosystems, fear is spreading rapidly among investors — a sentiment now clearly reflected in asset prices.

Over the past 30 days:

• $SOL is down 25.89%

• $ETH is down 21.24%

• $BTC is down 14.62%

As markets brace for an uncertain macroeconomic and liquidity landscape, the question now is whether this marks the beginning of a deeper downturn — or simply a shakeout before the next move.

Note : This story was first published in french on my Substack and traduced to english by using AI.

BTC briefly dropped below the average acquisition cost of U.S. ETFs — raising fears that selling pressure could intensify. A wave of concern is now sweeping through American Exchange-Traded Fund (ETF) holders.

On the morning of Tuesday, November 18, 2025, Bitcoin fell below the $90,000 mark, reaching a temporary low of $89,300. That figure sits below the average purchase price of BTC held through ETFs.

According to Glassnode, the aggregate cost basis of Bitcoin across all U.S. ETFs is estimated at around $89,600.

Speaking to Bloomberg, a Glassnode analyst noted that many early ETF buyers remain in profit — specifically those who accumulated BTC when prices ranged between $40,000 and $70,000.

Not everyone sees panic selling on the horizon. Kronos Research’s Chief Investment Officer remains unconvinced.

“Most ETF holders are long-term investors, so being temporarily underwater doesn’t automatically trigger fast outflows,”
said Vincent Liu in a comment to Cointelegraph.

He added:

“In today’s risk-averse market environment, liquidity and macroeconomics remain the biggest drivers. Tight conditions can turn losses into downward pressure, while clear signals of easing can lift the anchor.”

Bitcoin has since recovered slightly and, at the time of writing, trades around $90,901.

However, with BTC closing below the 50-week moving average this past Sunday, bearish momentum appears to be forming.

Wall Street didn’t wait long to react. On Monday, U.S. ETFs recorded $254.6 million in net BTC outflows, according to Farside Investors.

The pattern aligns with recent behavior: since October 30, 2025, U.S. crypto funds have registered $765.1 million in total inflows — a figure lower than the withdrawals recorded on November 13 alone, when over $866 million worth of BTC was sold.

Meanwhile, Ethereum-focused funds are showing a similar dynamic, logging consecutive weeks of sizable redemptions.

Solana, however, stands out as the exception. Over the same period, U.S. ETFs accumulated $390 million worth of $SOL. Despite the absence of any major sell-off days, buying activity has not been strong enough to counter broader downward pressure on $SOL.

Across both traditional finance channels and decentralized ecosystems, fear is spreading rapidly among investors — a sentiment now clearly reflected in asset prices.

Over the past 30 days:

• $SOL is down 25.89%

• $ETH is down 21.24%

• $BTC is down 14.62%

As markets brace for an uncertain macroeconomic and liquidity landscape, the question now is whether this marks the beginning of a deeper downturn — or simply a shakeout before the next move.