BlackRock's iShares Bitcoin Trust (IBIT) has become the largest known holder of Bitcoin, surpassing reserves of exchanges such as Coinbase and Binance. This event highlights a significant shift in the market's perception of cryptocurrencies.
Historic Moment
According to on-chain analysis platform, BlackRock's iShares Bitcoin Trust (IBIT) ETF, launched in January last year, has amassed over 781,000 bitcoins, which is equivalent to over $88 billion at the current asset price. Since May 2025, the ETF has been leading the accumulation, surpassing the stash held on Coinbase. By August 2026, the fund became the largest holder of Bitcoin, trailing only the wallet of Satoshi Nakamoto.
What Does This Mean?
The inflows into the ETF indicate a significant market shift. The main driver of demand is no longer limited to retail exchanges but also includes regulated financial products for institutions. Constant buying pressure from the IBIT fund is creating a supply shock, as capital from the ETF is mostly removed from circulation, unlike exchanges that use their reserves for trading.
Future of the Crypto Market
Despite its successes, the centralization brought by this process may contradict the core ideals behind cryptocurrencies. Ongoing monitoring of this phenomenon is crucial to maintain balance in the market.
BlackRock's iShares Bitcoin Trust has become the largest known holder of Bitcoin, marking a rise in institutional interest in cryptocurrencies. However, it also raises questions about future centralization and its effects on the market.
