BlackRock’s spot Bitcoin ETF investors are back in profit after Bitcoin climbed above $90,000, marking a potential sentiment shift within the investor group that fueled much of the asset’s run to all-time highs in 2025.Blockchain intelligence firm Arkham reported that holders of BlackRock’s iShares Bitcoin Trust (IBIT) returned to a cumulative $3.2 billion in unrealized profit on Wednesday. The rebound comes after a sharp drawdown earlier this month that pushed average entry prices underwater.“BlackRock IBIT and ETHA holders went from being up almost a combined $40 billion at their PnL peak on 7 October, down to $630 million four days ago,” Arkham wrote. “This means the average of all BlackRock ETF buys is at just about break-even.”With the average IBIT holder no longer sitting on paper losses, analysts say the pressure to redeem shares could ease—helping stabilize ETF flows that had turned sharply negative in mid-November.ETF Outflows Ease as Flows Turn Positive for First Time in Two WeeksSpot Bitcoin ETFs registered two consecutive days of inflows this week, adding $21 million on Wednesday, according to Farside Investors. This marks the first multi-day inflow streak in two weeks and follows the $903 million single-day outflow recorded on Nov. 20.The recovery is particularly significant for IBIT, which—despite recent turbulence—remains the only Bitcoin ETF with net positive inflows in 2025, according to K33 Research.Standard Chartered’s global head of digital assets research, Geoff Kendrick, previously told Cointelegraph that spot ETF demand has been the dominant force behind Bitcoin’s price appreciation this year. With BlackRock leading that cohort and managing $13.5 trillion in total assets, analysts are monitoring IBIT closely as a proxy for institutional appetite.Bitcoin ETF Holders Recover as BTC Reclaims Flow-Weighted Cost BasisThe wider spot Bitcoin ETF investor group has also returned to profit following Bitcoin’s move above $89,600, which Glassnode identifies as the group’s flow-weighted cost basis. The level was lost during the 20% correction earlier in November.The bounce comes as expectations for a December rate cut by the U.S. Federal Reserve have surged dramatically. According to CME Group’s FedWatch tool:Rate-cut probability for Dec. 10: 85%Just one week ago: 39%U.S. rate-cut expectations have historically boosted risk assets, and Bitcoin’s sharp rebound above $90,000 appears to reflect positioning ahead of that decision.Despite the temporary drawdown, most ETF investors are not reactive sellers, said Vincent Liu, CIO at Kronos Research.“ETF holders are long-term allocators. Being underwater doesn’t trigger quick exits,” he told Cointelegraph.