According to Cointelegraph, BlackRock's spot Bitcoin ETF assets under management are approaching $70 billion, indicating increased interest from institutional investors, despite a slowdown in retail inflows. BlackRock holds over $6.97 billion in Bitcoin through its iShares Bitcoin Trust ETF, representing 3.25% of the total supply.
BlackRock's ETF accounts for 54.7% of the U.S. spot Bitcoin ETF market share, with these ETFs holding a total of 6.12% of the Bitcoin supply. Since the first trading of the U.S. spot Bitcoin ETF on January 11, 2024, BlackRock's milestone achievement has taken less than a year and a half.
The U.S. Bitcoin ETF has seen net inflows for eight consecutive days, with a single-day inflow of $388 million on Wednesday. IBIT has entered the top 25 global ETFs, becoming the 23rd largest ETF worldwide. Analysts point out that ETF demand is offset by profit-taking and selling pressure from miners.
Glassnode data shows that large transactions dominate Bitcoin network activity, despite a decline in the total number of transactions, with an average transaction size of $36,200. Transactions over $100,000 account for more than 89% of network activity. CryptoQuant reports that the number of short-term Bitcoin holders has decreased to 4.5 million BTC, indicating a reduction in new funds. If investor demand continues to weaken, Bitcoin may find support around $92,000.
