BlackRock IBIT Holders Return to Profit as Bitcoin Surpasses $90,000

Holders of BlackRock's spot Bitcoin ETF IBIT returned to profitability as Bitcoin rebounded above $90,000, with cumulative profits reaching $3.2 billion, Arkham data show as reported by Cointelegraph on November 27. IBIT and ETHA holders recorded nearly $40 billion in profit at their peak on October 7, but this fell to $630 million four days prior, indicating the average cost basis for all IBIT purchases was nearly flat. Selling pressure from Bitcoin ETFs may continue to ease as holders are no longer under stress, with conditions improving significantly since the $903 million net outflow on November 20.