Most spot bitcoin ETF investors are sitting close to breakeven, with the average cost basis near $90,000.

BlackRock’s spot bitcoin ETF, IBIT, logged its largest single-day outflow since launching in January 2024, extending what has already become a record month of withdrawals, according to data from Farside. The fund saw $523.2 million leave on Tuesday, even as bitcoin climbed more than 1% and briefly traded above $93,000.

Not all issuers saw redemptions. Franklin Templeton’s EZBC brought in $10.8 million in fresh capital, while Grayscale’s Bitcoin Mini Trust attracted $139.6 million. Even so, the broader ETF market finished the day with a net outflow of $372.8 million—marking the fifth consecutive session of redemptions.

November has been particularly weak, with only three days of net inflows. Bitcoin itself is hovering around $90,000, roughly 30% below its October all-time high. Aggregate net inflows across all U.S. spot bitcoin ETFs since launch now total $58.2 billion.

CoinDesk Research noted that while BTC has fallen sharply this month, assets under management for U.S. ETFs have held up relatively well, implying that most selling pressure is happening outside the ETF complex.

Jim Bianco of Bianco Research added that the average purchase price for all spot bitcoin ETF inflows since January sits at $90,146—meaning the typical investor is only marginally in profit with bitcoin trading just above $91,000.

IBIT was down 1.5% in pre-market trading at $52