BlackRock Bitcoin ETF Investors Return to Profit as Bitcoin Surges

According to ChainCatcher, Cointelegraph reports that holders of BlackRock's spot Bitcoin ETF, IBIT, have returned to profitability following Bitcoin's rise above $90,000. This development suggests a potential shift in sentiment among key investor groups driving the market this year. Data from Arkham indicates that holders of BlackRock's IBIT have seen cumulative profits rebound to $3.2 billion. Arkham noted that on October 7, holders of IBIT and ETHA collectively achieved nearly $40 billion in profits at their peak, which had dropped to $630 million four days earlier. This implies that the average cost of all IBIT purchases is nearly balanced. As ETF holders face less pressure, the pace of Bitcoin ETF sell-offs may continue to slow. Since the recorded net outflow of $903 million on November 20, the situation has significantly improved.