Bitcoin ETFs are facing the most severe test since their launch, with Bitcoin prices dropping to $76,140, below the ETF share's average net cost of $82,405. Bloomberg Industry Research data shows that unrealized losses among ETF holders have reached approximately $7.31 billion, the highest level since the product was launched in January 2024. This stands in stark contrast to the mid-2025 investor paper profits exceeding $80 billion. Analysts point out that the $82,400 level could become a significant resistance point, as investors seek to exit their positions at the breakeven point.