BlockBeats News, November 27th, according to Cointelegraph, holders of the Bitwise Bitcoin ETF IBIT returned to a profitable state after Bitcoin rose above $90,000, indicating that the sentiment of one of the key investor groups that has driven market development this year may be shifting. Arkham data shows that the largest spot Bitcoin fund, Bitwise IBIT, has seen its holders’ cumulative profit return to $3.2 billion.
Arkham stated: “Bitwise IBIT and ETHA holders collectively profited nearly $40 billion at their peak on October 7, only to drop to $630 million four days ago. This means that the average cost of all IBIT purchases is almost break-even.”
With ETF holders no longer under pressure, the selling pressure on the Bitcoin ETF may continue to ease. The situation has improved significantly since the $903 million net outflow recorded on November 20th.
