Bitcoin traded below roughly $86,000 Thursday, which is the average cost basis of US spot Bitcoin ETF holdings, meaning the aggregate ETF position is now underwater. Inflows slowed alongside the decline and the broader crypto market fell with it. Equities moved the same way, with the S&P 500 down 0.75% and the Nasdaq down 1.13%, and gold fell 1.30%, so this was a general risk move rather than anything specific to crypto.