Bitcoin Holds Near $96,466 as Spot ETF Cost Basis Reaches $90,146

Bitcoin is trading around $96,466 as the average purchase price for spot Bitcoin ETF holdings climbs to $90,146, leaving unrealized profits at approximately $2.94 billion, or 4.7%. Jim Bianco of Bianco Research warns that liquidity could deteriorate rapidly if ETF participants shift to net selling. Bitcoin has gained only 2.6% year-to-date after opening 2025 at $93,463, while a single session recorded $869.9 million in net ETF outflows.