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Bitcoin: Average Cost Basis of US Spot ETF Deposits

Volume-weighted average price paid for every Bitcoin deposited into US spot ETFs, against BTC price

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Chart informationBitcoin: Average Cost Basis of US Spot ETF Deposits

About This Indicator

This chart plots the volume-weighted average USD price paid for every Bitcoin deposited into US spot Bitcoin ETFs since their January 2024 launch, next to the BTC price. It is built from the daily aggregate net flow of all US spot ETFs: each net-inflow day is converted to BTC at that day's close, and the cost basis is total dollars deposited divided by total BTC bought. Outflow days add nothing, so the line holds flat while ETFs are being redeemed. It approximates Glassnode's metric from aggregate flows rather than per-fund lot data, so levels can differ slightly.

Current Value & Interpretation

BTC price
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ETF average cost basis
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Price vs cost basis
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Data Sources

  • ETF net flows: TFTC open US spot Bitcoin ETF flow dataset (CC BY 4.0, attribution: TFTC), aggregating SoSoValue and Farside issuer data — daily net USD flow across all US spot BTC ETFs since 2024-01-11.
  • Bitcoin price: CoinGecko API via backend price history (daily closes).

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