Bitcoin hits $86,000 putting ETF investors back in profit after $86 billion wipeout

- Bitcoin’s $86k rally finally dragged ETF holders out of the red, erasing an $86B wipeout. It’s a classic "meat wallet" resurrection: price appreciation did the heavy lifting while cumulative inflals lagged 10% behind October 2025 peaks. The average cost basis sits at ~$81,722, meaning existing bags are green again even as new capital hesitates. This isn't FOMO; it's survival. The real test? Whether these battered investors dump near breakeven or reinvest. With weekly net flows barely positive despite billions in turnover, conviction is thin. Don’t mistake a bounce for a bull run until fresh money backs the recovery. Until then, I’m just watching the PoD seals on their portfolios.