BlackRock’s Bitcoin ETF Approaches $70 Billion in Assets
BlackRock‘s iShares Bitcoin Trust (IBIT) ETF is nearing $70 billion in assets under management, marking a significant milestone for institutional Bitcoin adoption. The fund now holds over 3.25% of Bitcoin’s total supply and commands 54.7% of the US spot Bitcoin ETF market.
Institutional Demand Outpaces Retail Participation
While institutional interest remains strong – with US Bitcoin ETFs seeing eight straight days of net inflows totaling $388 million – retail activity shows signs of slowing. CryptoQuant data reveals short-term Bitcoin holders decreased by 800,000 BTC since May 27, indicating reduced retail participation.
Large-Scale Transactions Drive Network Activity
According to Glassnode onchain data, transactions exceeding $100,000 now represent 89% of Bitcoin network activity. This demonstrates the growing influence of institutional and high-net-worth investors in the current market cycle.
Market Outlook and Key Support Levels
Analysts suggest the market needs fresh catalysts to advance, as miner selling and profit-taking balance ETF demand. CryptoQuant identifies $92,000 as a potential support level, based on historical onchain price patterns during bull markets.
