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Analysis: BlackRock IBIT holders return to profitability, ETF sell pressure may ease.
BlockBeats news, on November 27, according to Cointelegraph, BlackRock's Spot Bitcoin ETF IBIT holders have returned to profit as Bitcoin rebounds above $90,000, indicating that the sentiment of one of the key investor groups driving the market this year may be changing. Arkham data shows that the largest Spot Bitcoin fund, BlackRock's IBIT, has seen cumulative profits rise to $3.2 billion. Arkham stated: "BlackRock's IBIT and ETHA holders had nearly $40 billion in profit at their peak on October 7, while it fell to $630 million just four days ago. This means the average cost of all IBIT purchases is almost flat." As ETF holders are no longer under pressure, the sell-off of Bitcoin ETF.
BTC1.35%
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