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

On November 27, according to Cointelegraph, holders of BlackRock's Spot Bitcoin ETF IBIT returned to profitability after Bitcoin rose above $90,000, indicating that the sentiment of one of the key investor groups driving the market this year may be shifting. Arkham data shows that the largest Spot Bitcoin fund, BlackRock's IBIT, has seen cumulative profits rise to $3.2 billion. Arkham stated: “Holders of BlackRock's IBIT and ETHA had nearly $40 billion in profits at their peak on October 7, while just 4 days ago, profits had fallen to $630 million. This means that the average cost of all IBIT purchases is nearly flat.” With ETF holders no longer under pressure, the dumping speed of Bitcoin ETFs may continue to slow down. The situation has significantly improved since the recorded net outflow of $903 million on November 20.