BlackRock’s spot Bitcoin exchange-traded fund (ETF) is close to the $70 billion mark in managed assets, and institutional investors are growing interest even as retail inflows appear to be slowing.
Blackrock is the world’s largest asset manager and has acquired more than $69.7 billion worth of Bitcoin (BTC) Through its Ishares Bitcoin Trust (IBIT) ETF, it accounts for more than 3.25% of the total supply of BTC.
BlackRock’s IBIT ETF now controls 54.7% of the market share of all spot bitcoin ETFs in the United States, accounting for 6.12% of the cumulative and 6.12% of the 21 million bitcoin supply, according to Conduct dune data.
Less than a year and a half after BlackRock’s milestone, we will first order Bitcoin ETF First transaction It is January 11, 2024.
Milestones are continuing inflows in the ETF market. The U.S. Bitcoin ETF recorded net positive traffic for eight consecutive days, receiving $388 million in Bitcoin on Wednesday alone. according to To Farside Investors.
IBIT also entered the world’s 25 largest ETFs in accordance with its managed assets.
Blackrock’s fund has grown into the 23rd World ETF among crypto and traditional financial products, according to Data from Vettafi.
Still, some analysts say demand for ETFs is being offset by the pressure to make money and sales miners.
“Breakthroughs may require new catalysts or emotional transfers,” Nexo analyst Iliya Kalchev told Cointelegraph, adding that long-dormant wallets currently absorb more supply than miners’ production, adding that corporate fiscal policy strategies and accumulations for large investors continue to offset profits.
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High-value investors dominate BTC trading
OnChain data from the Glass Festival shows that the big price transmission is mainly Bitcoin network activity. Although the total number of transactions has dropped, the average transaction size is now $36,200.
“This trend means that larger entities continue to leverage the Bitcoin network, and even if they drop by count, the throughput per transaction will increase,” he said. according to A report on Glass Festival released Thursday.
Additionally, more than $100,000 of transactions now account for more than 89% of network activity, which “reinforces the view of high-value participants,” Glassnode said.
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Despite the accumulation of large players, new retail investors appear to be entering the market.
Bitcoin’s short-term holder queue has dropped to just 4.5 million BTC, down more than 800,000 BTC from 800,000 BTC holding 5.3 million BTC on May 27, indicating that “new money is dry up in Bitcoin”, according to Friday report to analytics platform’s crypto volume.
If investor demand continues to weaken, Bitcoin could approach the next big support at $92,000 at the $92,000 mark, which is the price realized by traders onChain, playing a significant level of support in the bull cycle.
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