BlackRock Bitcoin ETF holders back in profit as BTC tops $90K
Investors in BlackRock’s spot Bitcoin exchange-traded fund returned to profit as Bitcoin rebounded above $90,000, suggesting sentiment may be improving among a key market cohort in 2025.
Holders of BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot Bitcoin (BTC) fund, were back to a cumulative unrealized profit of $3.2 billion on Wednesday, according to blockchain analytics firm Arkham.
Arkham noted in an X post that combined unrealized profits for holders of BlackRock’s IBIT and ETHA peaked at nearly $40 billion on Oct. 7, fell to $630 million four days ago, and have since recovered to around break-even on average for BlackRock ETF purchases.
BlackRock IBIT Bitcoin ETF holders, unrealized profit and loss ratio, three-month chart. Source: Arkham.
With ETF investors less pressured by losses, selling from Bitcoin ETFs may continue to moderate, extending the improvement seen since the $903 million in outflows recorded on Nov. 20.
Spot Bitcoin ETFs posted two consecutive days of net inflows for the first time in two weeks, totaling $21 million on Wednesday, according to Farside Investors.
K33 Research reported that BlackRock’s Bitcoin ETF has been the only product in its peer group to register net positive inflows for 2025, according to recent financial reports.
Source: Vetle Lunde
Spot Bitcoin ETF subscriptions have been a primary driver of Bitcoin’s momentum in 2025, according to Geoff Kendrick, Standard Chartered’s global head of digital assets research.
BlackRock is the world’s largest asset manager, reporting $13.5 trillion in assets under management as of the third quarter of 2025.
Bitcoin ETF investors face less pressure as rate-cut expectations rise
Across the broader spot Bitcoin ETF landscape, investors are also back in profit after Bitcoin reclaimed the estimated $89,600 flow-weighted cost basis, which had been breached two weeks earlier.
The recovery aligns with a sharp rise in expectations for a U.S. Federal Reserve rate cut at the Dec. 10 meeting, with the probability up by 46% over the past week.
Interest rate cut probabilities. Source: CMEgroup.com
Markets are pricing an 85% likelihood of a 25 basis point cut, up from 39% a week ago, according to the CME Group’s FedWatch tool.
Two weeks ago, a pullback in Bitcoin pushed ETF investors below the flow-weighted cost basis near $89,600, leaving the average holder in unrealized loss, Glassnode analyst Sean Rose said.
Most ETF investors are long-term allocators, so temporary drawdowns typically do not prompt rapid redemptions, said Vincent Liu, chief investment officer at quantitative trading firm Kronos Research.
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