BlackRock's Bitcoin exchange-traded fund (ETF) is nearing the $70 billion mark, signifying growing interest from institutional investors.
BlackRock ETF Asset Growth
BlackRock's ETF, known as the iShares Bitcoin Trust (IBIT), has accumulated over $69.7 billion worth of Bitcoin, accounting for more than 3.25% of Bitcoin's overall market supply. BlackRock controls 54.7% of the market share of all US spot Bitcoin ETFs, which collectively hold 6.12% of the total 21 million Bitcoin.
Current Trends in Bitcoin Market
US Bitcoin ETFs have recorded eight consecutive days of positive net flows, with $388 million in Bitcoin attracted in just one day on Wednesday. Despite sustained inflows, some analysts note that demand is tempered by profit-taking and selling pressures from miners.
Dominance of High-Value Investors
On-chain data from Glassnode indicates that large-value transactions are becoming more predominant on the Bitcoin network. While total transaction numbers have declined, the average transaction size is now $36,200. Transactions exceeding $100,000 account for over 89% of network activity, highlighting the increasing influence of large investors.
The growth of BlackRock's ETF assets, alongside the dominance of high-value investors, underscores current shifts in the Bitcoin market landscape, despite diminishing interest from retail investors.
