Definition. This chart shows the average cost basis of deposits into the US spot ETFs that hold the selected asset — the running average price at which coins have flowed into the ETF vehicles over the period covered by the flow record. Balances already inside the vehicles when that record opens are not priced into the average, so the measure reflects recorded inflows rather than the full holdings of the complex. The combined line across all US spot ETFs for the asset is shown in green, alongside the asset's spot price in black. For Bitcoin, three further lines break the measure out by issuer: BlackRock (IBIT), Grayscale (GBTC) and Fidelity (FBTC).

Technical. Each cost basis line weights every day's price by that day's inflow into the ETF and carries the weighted average forward, so the line reads as the average price paid across all coins deposited to date. Only positive flow days (net inflows) are accumulated; outflow days do not alter the average. The combined line uses total flows across all US spot ETFs holding the asset. The per-issuer lines read the IBIT, GBTC and FBTC flow subsets, which exist for Bitcoin only — on every other asset those three lines are not drawn and the chart shows the combined cost basis against price alone.

Interpretation. The cost basis approximates the average on-ramp price of capital that entered the asset via the US spot ETFs, making it a useful reference level for the profitability of the ETF investor cohort. When price trades above the cost basis, the average ETF entry is in unrealized profit; extended periods below it put the average ETF buyer underwater, a condition that has historically pressured flows. Where per-issuer lines are drawn, the spread between them reflects the differing timing of their inflows — funds that absorbed most of their coins early in a rally carry a lower cost basis than funds that attracted capital later. On Bitcoin, note that GBTC converted from an existing trust, so its line reflects only post-conversion inflow days, which have been comparatively rare given its persistent outflows.

Notes. Built from US Spot ETF Flows. This is conceptually analogous to on-chain cost basis measures such as the Realized Price, applied to the ETF cohort specifically.