Analyst: Bitcoin ETF Holders Are $5K Underwater Even as Institutional Demand Returns

Bitcoin (BTC) touched $76,000 on March 17 to register its highest price level since early February, as institutional investors continued to put money into U.S. spot ETFs, extending a multi-day recovery streak coming after heavy outflows in February. However, the rebound in demand is running into a key constraint, according to analyst Axel Adler Jr., with ETF investors still sitting on an average unrealized loss of $5…