After Bitcoin recovered to over $90,000, holders of BlackRock's spot Bitcoin exchange-traded fund (ETF) have returned to profitability, which may be an early sign of a shift in sentiment among one of the key investor groups driving the market this year.
According to blockchain data platform Arkham, holders of the largest spot Bitcoin (BTC) fund, BlackRock iShares Bitcoin Trust ETF (IBIT), saw their cumulative profits return to $3.2 billion on Wednesday.
Arkham wrote in a post on X on Wednesday: "Holders of BlackRock IBIT and ETHA have seen their combined profits drop from nearly $40 billion at the peak of gains on October 7 to $630 million four days ago. This means that the average purchase price for all BlackRock ETF buyers is nearly at breakeven."
With ETF holders no longer under pressure, Bitcoin ETFs may continue to slow their pace of selling, which has significantly improved since recording $903 million in outflows on November 20.
According to Farside Investors, Bitcoin ETFs recorded inflows for two consecutive days for the first time in two weeks, with a total inflow of $21 million on Wednesday. This development is a positive sign for Bitcoin, as per K33 Research, BlackRock's Bitcoin ETF is the only fund projected to achieve net positive inflows in 2025.
Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, recently told Cointelegraph that inflows into spot Bitcoin ETFs are a major driver of Bitcoin momentum in 2025.
BlackRock is the world's largest asset management company, with assets under management reaching $13.5 trillion as of the third quarter of 2025.
As Bitcoin climbed above the critical $89,600 volume-weighted cost basis, the broader group of spot Bitcoin ETF investors also returned to profitability, a level that was breached two weeks ago.
Bitcoin's recovery closely follows a significant increase in expectations for interest rate cuts at the Federal Reserve's meeting on December 10, with the probability rising by 46% within a week.
According to the CME Group's FedWatch tool, the market's expectation for a 25 basis point rate cut is at 85%, up from 39% a week ago.
Two weeks ago, according to Glassnode analyst Sean Rose, Bitcoin's price adjustment pushed Bitcoin ETF holders below their volume-weighted cost basis of $89,600, with average holders facing paper losses.
However, most ETF holders are "long-term allocators," which means that "being in a loss position does not trigger a quick exit," Vincent Liu, chief investment officer at quantitative trading firm Kronos Research, told Cointelegraph.
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Original article: “As Bitcoin (BTC) Returns to $90,000, BlackRock ETF Investors Regain Profitability”
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