Bitcoin’s rally toward $86,000 has pushed US spot exchange-traded fund (ETF) investors back into profit after months underwater.

Data from CryptoSlate showed Bitcoin gained about 6% over the past 24 hours, extending its September rebound and briefly trading near $86,000.

Bloomberg Intelligence ETF analyst James Seyffart said the move put the average US Bitcoin ETF holder above water for the first time since January. The funds’ estimated buys-only cost basis stands at about $81,722 per Bitcoin, while their net cost basis sits closer to current prices.

Bitcoin traded around $85,165 in Bloomberg Intelligence’s latest reading, clearing both levels and reversing much of the damage inflicted on ETF investors during this year’s downturn.

The turnaround has been dramatic. US Bitcoin ETF investors held about $86.32 billion in unrealized gains on Oct. 6, 2025, before the subsequent selloff erased that entire cushion. By Sept. 18, the cohort was sitting on an estimated $780 million unrealized loss.

Bitcoin’s latest advance has effectively repaired that drawdown. Capital flows have recovered more slowly, leaving ETF investors profitable again even as cumulative inflows remain well below their 2025 peak.

The return to profitability has come well before a full recovery in ETF demand .

SoSoValue data show cumulative net inflows into US spot Bitcoin ETFs peaked at about $61.19 billion in October 2025 before falling to roughly $55.16 billion, leaving the products about $6.03 billion below their high-water mark.