BlackRock's IBIT Surpasses 600K BTC, Boosted by Institutional Buyers Amid Bitcoin Surge

BlackRock’s iShares Bitcoin Trust (IBIT) has reached a new milestone, managing over 600,000 BTC, as institutional investors continue to fuel the Bitcoin rally. This shift is attributed to an eight-day inflow streak with U.S. Bitcoin ETFs absorbing $3.9 billion into their holdings, marking a rise in investor confidence.

Despite this, Santiment's report has revealed a concerning trend: Bitcoin’s price is increasing while trading volumes are falling. Observers have noted that a narrow group of investors has propped up the market, primarily ETF issuers and corporations, while retail traders have taken a step back.

Despite this, Bitcoin is currently holding steady around $95,000 following a decisive breakout earlier in the month.