1/3 Bitcoin breakeven update … The average purchase for all the flows into all the spot $BTC since inception (January 2024) is $90,200. With today’s plunge, the AVERAGE $BTC ETF holder is about $5,000 (or ~7% underwater).

2/3 The largest Digital Asset Treasury (DAT) is Strategy (formally Microstrategy, $MSTR) has an average purchase price of $76,020. They are sitting on ~$8,000 profit, or about ~12% gain.

3/3 Combine them and they are ~10% of the $BTC in circulation, and the overwhelming majority of Tradfi’s securities account holdings of $BTC. Below shows they now have no unrealized profits. Restated, the “boomer adoption” narrative of the last two years now have no gains.