On a day when some of the biggest names in crypto ETFs - Fidelity, ARK and Grayscale - showed red outflows,BlackRock made a move that may turn heads across the market - a $970 million increase in its Bitcoin holdings.
Data from Lookonchain confirms that Fidelity Wise Origin, ARK 21Shares and Grayscale’s flagship Bitcoin ETF all recorded net outflows. Fidelity saw a one-day withdrawal of 917 BTC, ARK lost 2,389 BTC and Grayscale pulled back by 103 BTC. The total net outflow among these three: over 3,400 BTC.
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Meanwhile,BlackRock's iShares Bitcoin Trust (IBIT) added a staggering 10,249 BTC in a single day - equivalent to roughly $970 million at current prices. It now sits at nearly 599,000 BTC under management, making it the largest holder among U.S. spot Bitcoin ETFs.
FIDELITY SOLDARK SOLDGRAYSCALE SOLDBUT BLACKROCK BOUGHT $970 MILLION USD OF $BTC pic.twitter.com/mr1XrcH3NM
— Arkham (@arkham) April 29, 2025
What makes this move even more notable is BlackRock’s own wallet data. On-chain analysis shows the firm now holds 582,614 BTC directly, valued at over $55 billion. That is in addition to its ETF assets, meaning BlackRock’s total exposure to Bitcoin is not only growing - it is dominating.
Let's be real, this is not BlackRock making a speculative bet. It is BlackRock fulfilling orders. Investors are buying IBIT - and BlackRock, by design, is buying the Bitcoin to match.
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Still, In a space known for speculation, it is rare to see such an accumulation on a red day. BlackRock may be seeing what others are missing - or betting that the crowd is once again facing the wrong way.
Interestingly, the divergence is not just inBitcoin. Ethereum ETFs showed a similar split: the GrayscaleEthereum Trust saw red, while iShares’ ETHA ETF absorbed over 37,000 ETH in a day.
