Bitcoin has climbed back above $90,000, restoring profits for the largest group of institutional investors — holders of the BlackRock exchange-traded fund. This is the first sign that the November correction may be coming to an end, and the market is gradually regaining balance.
ETF Investors Back in Profit
After nearly a month of decline, Bitcoin has recovered a key level, returning profitability to the iShares Bitcoin Trust (IBIT) fund. According to Arkham, the combined profit of IBIT holders has once again turned positive, reaching $3.2 billion.
Just two weeks ago, the situation was quite different. At the peak on October 7, holders of IBIT and the similar ETHA were ahead by nearly $40 billion. Then came a sharp drop, and the combined result plummeted to $630 million. This scale of decline showed how vulnerable even large funds become during rapid shifts in market sentiment.
Now, the average entry price for BlackRock holders has almost matched the current price. This relieves selling pressure — a key factor that accelerated the correction in mid-November.
ETF Flows Stabilize
The market also recorded, for the first time in two weeks, two consecutive days of capital inflows into spot Bitcoin funds. Although the volumes are still modest — just $21 million, the very fact of a trend reversal seems significant. On November 20, funds recorded the largest outflow of the month — $903 million, which put strong pressure on the price.
Now, the intensity of sell-offs is decreasing, and BlackRock remains the only issuer in 2025 whose funds show a net capital inflow for the year. According to K33 Research, spot ETFs have become the main driver of Bitcoin’s growth in 2025.
The Role of Fed Policy Expectations
Bitcoin’s price recovery occurred amid changing expectations for the Fed’s December decision. The probability of a 0.25 percentage point rate cut has risen to 85%, while a week ago markets saw this scenario at only 39%.
This reversal has once again strengthened interest in risk assets, and Bitcoin has been among the first beneficiaries — partly because a significant share of ETF capital belongs to long-term investors.
According to Vincent Liu of Kronos Research, most ETF holders do not react to short-term dips. Even when the price fell below $89,600 — the average entry cost — investors preferred to hold their positions.
What the Return to Profit Means for the Market
BlackRock ETF’s return to profitability is an important turning point in demand structure. It shows that:
- selling pressure from the fund is weakening
- large holders are regaining confidence
- capital inflows are starting to return
- the correction may be entering a stabilization phase
If Bitcoin holds above $90,000, it will signal that the negative wave of liquidations and forced sales has run its course.
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