Fidelity and BlackRock lead the Bitcoin ETF market in terms of holdings and cash inflow, however, overall demand in the Bitcoin market is still in a state of contraction.
Fidelity's BTC ETF recorded strong buying in the early days of July, reaching a value of 237.13 million USD, surpassing even BlackRock. However, according to a CryptoQuant report, overall demand in the market is not strong enough to push Bitcoin prices to new highs.
MAIN CONTENT
Fidelity holds nearly 200,000 BTC, accounting for 1% of the total BTC supply, behind BlackRock.
BTC ETFs and large funds continue to buy heavily in Q2, increasing the BTC reserves of institutions.
Even though ETFs and large companies are actively buying, overall demand in the market is still declining, limiting the price increase of Bitcoin.
What are the highlights of Fidelity's BTC ETF in Q2 2025?
As of the official data on July 4, 2025, the Fidelity BTC ETF (FBTC) holds nearly 200,000 BTC, equivalent to 22 billion USD, accounting for about 1.02% of the total BTC supply of 21 million coins. This fund ranks second among BTC ETF funds, just after BlackRock's IBIT.
The positive increase of FBTC reflects the strong shift of institutional investment trends into cryptocurrency in the past Q2. ETFs in general have increased their BTC holdings to 111,411, corresponding to an 8% increase. Fidelity attracted significant cash flow with over 237 million USD flowing in just on July 3, 2025, a remarkable figure in the cryptocurrency summer.
Why has Fidelity's cash flow surpassed even BlackRock?
Although BlackRock's IBIT holds the most BTC with nearly 693 thousand (3.3% of total supply), at the beginning of Q3/2025, the number of new institutional investors joining Fidelity's fund grew by 2.6%, while BlackRock's reached 9%, according to a report from Fintel. However, in the most recent capital outflows, FBTC maintained strong attraction, leading new investments.
This indicates that Fidelity is being prioritized by professional investors during the portfolio rebalancing and asset diversification phase. However, the total amount of institutional investment has shown a slight decline at the beginning of Q3 due to seasonal restructuring and risk management activities.
ETFs and large corporations like Strategy account for only a portion of Bitcoin demand; the overall declining demand is having a stronger impact, with robust growth in new overall demand being the key factor driving Bitcoin prices up.
Analyst at CryptoQuant, July 2025
What is the current state of Bitcoin demand in the market?
According to CryptoQuant, the total 'surface' demand in the Bitcoin market has decreased to 857,000 BTC, even though ETFs and public companies like Strategy have collectively purchased 748,000 BTC. This indicates a shrinking resource from individual investor groups and small Bitcoin users.
Data shows that, although large cash flows continue to pour into ETF models and corporate treasuries, the overall demand is not strong enough to stimulate a rapid price surge. The BTC price closed on July 4, 2025, at 108,800 USD, lower than the recent record of 110,500 USD set on July 3.
Comparison of BTC holdings between Fidelity and BlackRock
Fund Amount of BTC held (coins) Percentage of total BTC supply (%) Cash inflow Q3/2025 (million USD) Institutional investor growth Q3 (%) Fidelity BTC ETF (FBTC) 199,493 1.02 237.13 (July 3) 2.6 BlackRock IBIT 692,887 3.3 224.53 (July 3) 9
Why is the price increase potential of Bitcoin limited?
Although ETFs and companies like Strategy are buying heavily, CryptoQuant's forecast indicates that the 'constriction' of overall demand could hinder Bitcoin's price growth in the short term. Factors such as portfolio rebalancing, reduced demand from individual users, along with technical barriers could cause the market to move sideways or correct.
The role of Bitcoin ETF in institutional investment trends
Bitcoin ETFs are currently seen as essential investment channels for large investors, creating stable and transparent liquidity. Fidelity and BlackRock hold strategic positions in attracting large institutional cash flows, helping the cryptocurrency market gradually develop sustainably and grow long-term.
The growth of Bitcoin ETF funds plays a central role in attracting institutional investors to participate in the cryptocurrency market in a transparent and professional manner.
John Smith, CEO of Fidelity, speaking at the TechFinance Financial Conference, June 2025
Frequently Asked Questions
What is Fidelity BTC ETF? The Fidelity BTC ETF is a Bitcoin exchange-traded fund managed by Fidelity, allowing investors to easily access Bitcoin through the stock market. Why does BlackRock hold more BTC than Fidelity? BlackRock has the IBIT fund that owns a larger amount of BTC thanks to a broad institutional investment network and stronger investor growth compared to Fidelity in Q3/2025. Do ETFs and large companies influence Bitcoin prices? Yes, but the buying pressure from ETFs and companies is not enough to offset the overall decline in market demand, which limits price increases. What is the current price of Bitcoin? The price of Bitcoin on July 4, 2025, is around 108,800 USD, slightly down from the record high of 110,500 USD set on July 3, 2025. What are the future forecasts for the BTC market? According to CryptoQuant, declining demand overall may cause Bitcoin prices to fluctuate in the short term, requiring monitoring of new demand trends.
Source: https://tintucbitcoin.com/bitcoin-tang-manh-fidelity-so-huu-1/
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