BlackRock ETF buys 3.25% of BTC supply as New Bitcoin Capital dries up
BlackRock's spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), approaches $70 billion in assets under management, reflecting increased institutional interest despite slowing retail inflows. The fund has acquired over $69.7 billion in Bitcoin, controlling more than 54.7% of the US spot Bitcoin ETF market. IBIT is now the 23rd largest ETF globally. Recent data shows US Bitcoin ETFs experienced eight consecutive days of net positive flows, totaling $388 million in one day. However, analysts note that profit-taking and selling pressure from miners may offset demand. Onchain data indicates large-value transactions dominate Bitcoin activity, with transactions over $100,000 making up over 89% of network activity. The number of short-term Bitcoin holders has decreased significantly, suggesting a decline in new retail investors. If demand continues to weaken, Bitcoin may find support around the $92,000 mark.
