Analysis: BlackRock IBIT holders return to profitability, ETF selling pressure may ease

According to Cointelegraph, holders of BlackRock's spot Bitcoin ETF IBIT have returned to profitability after Bitcoin rebounded above $90,000, indicating a potential shift in sentiment among one of the key investor groups driving the market this year.

Arkham data shows that the largest spot Bitcoin fund, BlackRock's IBIT, has seen cumulative profits rise back to $3.2 billion. Arkham stated, "On October 7, at its peak, holders of BlackRock's IBIT and ETHA were nearly $40 billion in profit, compared to a drop to $630 million just four days earlier. This means the average cost of all IBIT purchases is nearly break-even." With ETF holders no longer under pressure, the pace of Bitcoin ETF sell-offs may continue to slow. The situation has significantly improved since the recorded net outflow of $903 million on November 20.