Reports indicate that Bitcoin ETFs are facing significant pressure, with approximately 60% currently underwater. According to Checkonchain, investors are carrying around $100 billion in unrealized losses. The situation is compounded by miners pulling back hashrate and treasury-company stocks trading below their Bitcoin book value. Analysis suggests a critical support channel between $75,000 and $85,000, with a denser "fortress" zone at $65,000–$70,000. Realized losses are elevated, reaching levels not seen since the FTX collapse, even as prices have rebounded. U.S. spot Bitcoin ETFs collectively hold about 1,311,862 BTC, highlighting their role as both structural allocation rails and short-term liquidity valves.

Reports indicate that Bitcoin ETFs are facing significant pressure, with approximately 60% currently underwater. According to Checkonchain, investors are carrying around $100 billion in unrealized losses. The situation is compounded by miners pulling back hashrate and treasury-company stocks trading below their Bitcoin book value. Analysis suggests a critical support channel between $75,000 and $85,000, with a denser "fortress" zone at $65,000–$70,000. Realized losses are elevated, reaching levels not seen since the FTX collapse, even as prices have rebounded. U.S. spot Bitcoin ETFs collectively hold about 1,311,862 BTC, highlighting their role as both structural allocation rails and short-term liquidity valves.