Analysis: BlackRock IBIT holders return to profit, ETF selling pressure may ease
BlockBeats News, November 27, according to Cointelegraph, holders of BlackRock's spot bitcoin ETF IBIT have returned to profitability after bitcoin rebounded 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 cumulative profit of holders of BlackRock IBIT, the largest spot bitcoin fund, has recovered to $3.2 billion.
Arkham stated: "At the peak of their profits and losses on October 7, holders of BlackRock IBIT and ETHA were collectively almost $40 billion in profit, but this figure dropped to $630 million four days ago. This means that the average cost of all IBIT purchases is now nearly at break-even."
As ETF holders are no longer under pressure, the pace of bitcoin ETF sell-offs may continue to slow down. Since the recorded net outflow of $903 million on November 20, the situation has significantly improved.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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