Today in crypto, the average US spot Bitcoin ETF purchase is now underwater following a weekend rout that saw the asset drop 11%, which has also seen BlackRock’s IBIT dollar-weighted returns turn negative. Meanwhile, Abu Dhabi investment vehicle agreed to buy 49% of World Liberty Financial for $500 million.
Average Bitcoin ETF buy underwater after investors pull $2.8B in 2 weeks
Bitcoin is trading below the average cost basis of US spot Bitcoin ETFs after they recorded their second and third-biggest outflow weeks last month, according to Galaxy’s head of research, Alex Thorn.
The eleven spot BTC ETFs saw $2.8 billion in outflows over the past fortnight, which includes $1.49 billion last week and $1.32 billion the week before, according to CoinGlass.
“This means the average Bitcoin ETF purchase is underwater,” said Thorn.
The total assets under management for US Bitcoin ETF products is approximately $113 billion, according to Coinglass, and they collectively hold around 1.28 million BTC, according to BiTBO, implying an average cost basis of about $87,830 per Bitcoin.
Bitcoin sell-off pushes IBIT’s dollar-weighted returns into negative territory
Bitcoin’s latest sell-off has likely pushed the aggregate investor position in BlackRock’s iShares Bitcoin Trust (IBIT) into negative territory, based on dollar-weighted return data shared by Bob Elliott, chief investment officer at Unlimited Funds.
According to Elliott’s figures, cumulative, dollar-weighted investor returns slipped slightly below zero as of late January, illustrating the impact of the sharp drop in Bitcoin prices over the weekend. The data suggest that while early IBIT investors may still be in profit, heavier inflows at higher price levels have pulled the overall dollar-weighted performance below zero.
By comparison, IBIT’s dollar-weighted returns peaked at roughly $35 billion in October, when Bitcoin was trading near record highs, highlighting how much performance has shifted alongside the market downturn. The decline in the ETF’s net asset value in recent weeks has aligned with broader price weakness in Bitcoin, helping explain the shift in aggregate investor returns.
UAE firm bought 49% of Trump-linked crypto startup for $500M: WSJ
A UAE-backed investment vehicle quietly agreed to buy nearly half of World Liberty Financial, a cryptocurrency startup linked to President Donald Trump, just days before he returned to the White House, according to a report by The Wall Street Journal.
Aryam Investment 1, an Abu Dhabi entity backed by Sheikh Tahnoon bin Zayed Al Nahyan, signed a deal in January 2025 to purchase a 49% stake in World Liberty Financial for $500 million, the Journal said, citing documents and people familiar with the matter.
Half of that amount was paid upfront, sending $187 million to Trump family-controlled entities, with additional tens of millions flowing to entities tied to co-founders, including relatives of US Middle East envoy Steve Witkoff, per the report.
The agreement was reportedly signed by Eric Trump. The Journal reported that the deal had not been publicly disclosed, despite World Liberty later revealing that the Trump family’s stake had fallen sharply.
