BlackRock's Bitcoin ETF management chart surpasses 69.7 billion USD
Management of the world's leading Bitcoin ETF
According to reports from reputable sources on June 20, the management scale of BlackRock's Bitcoin ETF (IBIT) has surpassed 69.7 billion USD. Notably, this ETF holds 3.25% of the total Bitcoin supply, accounting for 54.7% of the Bitcoin ETF market share in the United States. In less than 18 months of operation, this ETF has quickly made it into the top 25 largest ETF funds globally. This explosive growth reflects the appeal of cryptocurrency in the investment portfolios of large institutions.
Bitcoin ETF market and institutional investment trends
Data from Glassnode shows that the average value of a Bitcoin transaction is currently 36,200 USD. About 89% of transactions have a value exceeding 100,000 USD, indicating that institutional investment funds have dominated most market activity. However, according to a CryptoQuant report, the number of short-term investors has decreased by an additional 800,000, down to 4.5 million compared to May 27. This highlights the declining inflow of new capital into the market, emphasizing the caution of retail investors.
Market outlook for Bitcoin and support levels
CryptoQuant predicts that if investor demand continues to weaken, Bitcoin could hold support around 92,000 USD. Amidst large institutions increasingly holding more, the growth trend of cryptocurrency still faces many challenges. Analysts predict that this shift could have a long-term impact on Bitcoin's price, while also opening opportunities for strategic investors to spot essential profit-taking points.
Source: https://tintucbitcoin.com/blackrock-etf-bitcoin-vuot-697-ty-usd/
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