BlackRock’s spot Bitcoin exchange-traded fund (ETF) holders are back in profit after Bitcoin’s recovery above $90,000, an early sign that sentiment may be turning among one of the key investor groups driving the market this year.
The holders of the largest spot Bitcoin (BTC) fund, BlackRock’s iShares Bitcoin Trust ETF (IBIT), bounced back to a cumulative profit of $3.2 billion on Wednesday, according to blockchain data platform Arkham.
“BlackRock IBIT and ETHA holders went from being up almost a combined $40 billion at their PnL peak on 7th October, down to $630 million 4 days ago,” wrote Arkham in a Wednesday X post. “This means the average of all BlackRock ETF buys is at just about break-even.”
With ETF holders no longer under pressure, Bitcoin ETFs may continue to slow their selling rate, which has seen a significant improvement since the $903 million in outflows recorded on Nov. 20.
BlackRock IBIT Bitcoin ETF holders, unrealized profit and loss ratio, three-month chart. Source: ArkhamBitcoin ETFs recorded two consecutive days of inflows for the first time in two weeks, with a modest $21 million in cumulative inflows on Wednesday, according to Farside Investors.
The development is a welcome sign for Bitcoin, as BlackRock’s Bitcoin ETF was the only fund to realize net positive inflows for 2025, according to K33 Research.
Source: Vetle LundeThe inflows from spot Bitcoin ETFs were the primary driver of Bitcoin’s momentum in 2025, Standard Chartered’s global head of digital assets research, Geoff Kendrick, told Cointelegraph recently.
BlackRock is the world’s largest asset management firm, with $13.5 trillion in assets under management as of the third quarter of 2025.
Related: Over 8% of Bitcoin changed hands in week, markets on ‘knife’s edge,’ Analysts say
Bitcoin ETF investors no longer under pressure amid growing interest-rate cut expectations
The broader spot Bitcoin ETF investor cohort is also back in profit after Bitcoin climbed above the key $89,600 flow-weighted cost basis, a level that was lost two weeks ago.
Bitcoin’s recovery follows a sharp increase in interest rate cut expectations for the US Federal Reserve’s Dec. 10 meeting, with odds increasing by 46% in a week.
Interest rate cut probabilities. Source: CMEgroup.comMarkets are pricing in an 85% chance of a 25 basis point interest rate cut, up from 39% a week ago, according to the CME Group’s FedWatch tool.
Related: Bitcoin rout continues as crypto treasuries face reckoning: Finance Redefined
Two weeks ago, Bitcoin’s price correction pushed Bitcoin ETF holders below their flow-weighted cost basis near $89,600, according to Glassnode analyst Sean Rose, with the average holder facing paper losses on their investment.
However, most ETF holders are “long-term allocators,” meaning that “being underwater doesn’t trigger quick exits,” Vincent Liu, the chief investment officer at quantitative trading firm Kronos Research, told Cointelegraph.
Magazine: Bitcoin is ‘funny internet money’ during a crisis: Tezos co-founder
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