Blackrock’s Spot Bitcoin Traded Fund (ETF) is approaching managed assets worth $ 70 billion, signaling the growing interest of institutional investors, even when retail flows seem to leisurely down.
Blackrock, the world’s largest asset manager, acquired over 69.7 billion dollars Bitcoin (BTC) via ETF Ishares Bitcoin Trust (IBIT), which is over 3.25% of the total BTC supply.
IBIT ETF Blackrock now controls over 54.7% of the market share in all ETFs from Bitcoin in the US Spot, which have 6.12% of current Bitcoin supply, According to To Dune Data.
Blackrock milestone appears less than a year and a half after ETF Bitcoin debuted in the trade on January 11, 2024.
Mile stone appears among enduring inflows to the ETF market. ETF from Bitcoin USA has registered eight consecutive days of positive net flow, bringing $ 388 million in Bitcoin on Wednesday According to For Farside investors.
Ibit also entered the 25 largest ETFs in the world according to managed assets.
The Blackrock fund has become the 23rd ETF in the world among cryptocurrencies and classic financial products, According to For data from Vettafi.
Despite this, some analysts say that the demand for ETF is compensated by raising profits and selling the pressure of miners.
“A breakthrough may require a new change in the catalyst or moods,” said Cointelegraph Iliiya Kalchev, a Nexo analyst. He added that long -lasting wallets currently absorb more supply than miners produce, and added that corporate tax strategies and accumulation of vast investors still compensate for profit.
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Investors with high value are dominated by BTC transactions
Onchain from Glassnode shows that Bitcoin network transfers dominate transfers. Although the total number of transactions has dropped, the average transaction size is currently USD 36,200.
“This trend means that larger entities continue to use the Bitcoin network, with the transaction capacity, even when general activity by the number of declines” According to to the Glassnode report published on Thursday.
In addition, transactions exceeding USD 100,000 currently constitute over 89% of network activity, which “strengthens the view that high -value participants are becoming more and more dominant,” said Glassnode.
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While vast players gather, it seems that less up-to-date retail investors are entering the market.
The brief -term Kohort Bitcoin dropped to just 4.5 million BTC, which is over 800,000 BTC of having 5.3 million BTC on May 27, signaling that “new money dries in bitcoins”, According to for the Friday report from the Cryptochan analytical platform.
If the demand for investors is still weakened, Bitcoin may find its next significant support near the 92,000 USD mark, i.e. according to Cryptquant, i.e. the price of traders, which acts as a significant level of support during bull cycles.
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