Investors in U.S. spot Bitcoin ETFs are experiencing losses as the average entry cost per Bitcoin through these ETFs stands at approximately $84,100, while the current price hovers around $79,000. This results in a paper loss of about 8% to 9%. Since its peak in 2025, Bitcoin has fallen over 35%, recently dropping below $77,000 amid weakened liquidity. The decline is attributed to reduced ETF inflows, shrinking market liquidity, and diminished appeal of Bitcoin's macro asset properties.