COINOTAG News reported on November 27 that, per Cointelegraph, Bitwise IBIT holders moved back into profit as Bitcoin breached the $90,000 level, suggesting a potential shift in sentiment among a core investor cohort that has driven market momentum this year.
Arkham data indicate that the largest spot Bitcoin fund, Bitwise IBIT, has pushed cumulative gains back to about $3.2 billion. While the peak combined profitability for Bitwise IBIT and ETHA reached roughly $40 billion on October 7, it declined to $630 million just days later, implying the average cost basis for IBIT purchases is near break-even.
With ETF holders no longer under pressure, near-term selling pressure on the Bitcoin ETF may continue to ease. This backdrop follows a notable net outflow of about $903 million observed on November 20, suggesting improved liquidity and potential for revised demand dynamics.