BlackRock, the world's largest crypto asset manager, now holds more Bitcoin in its U.S. spot ETF than both Binance and Coinbase combined. This rapid shift stems from the rise of ETFs in 2025, with BlackRock's IBIT fund fueling a sudden change in who controls supply. As traditional exchanges saw their reserves plateau or shrink, institutional players like BlackRock surged ahead. This marks a new era where large institutions dominate crypto markets, reshaping supply and influencing price trends in powerful ways.
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