The cryptocurrency market has witnessed significant evolution in recent years, with centralized exchanges and now Bitcoin spot funds (ETFs) playing a key role in driving adoption.
Among the participants helping to drive cryptocurrency adoption, two key players leading the charge are Binance, the world’s largest cryptocurrency exchange, and BlackRock, with its cash Bitcoin ETF known as IBIT, according to a recent report view provided by CryptoQuant analyst.
The analyst reveals that their influence extends to trading volume and institutional investment, making them central figures in the current Bitcoin market.
Market share and institutional presence
CryptoQuant analyst Crazzyblockk highlighted the key roles of Binance and BlackRock in a post on the CryptoQuant QuickTake platform.
According to Crazzyblock, the emergence of spot Bitcoin ETFs, which launched in January 2024, has further cemented Bitcoin’s role in mainstream finance.
Among them, Binance stands out for its dominance in BTC spot trading volume and huge BTC reserves, holding 623,000 BTC out of 3.15 million BTC accumulated in total across all centralized exchanges.
By comparison, BlackRock’s IBIT ETF has become the leader in the ETF market, holding 434,000 BTC worth 1 million BTC across all cash ETFs.
Moreover, the CryptoQuant analyst noted that in terms of market share, Binance holds approximately 19.7% of BTC reserves held across all exchanges, establishing its position as a central player in the global Bitcoin trade.
Meanwhile, BlackRock’s spot BTC ETF, listed under IBIT, has also emerged as a key institutional player. Holding over 43.4% of total Bitcoin reserves across all cash ETFs, BlackRock’s presence signifies growing institutional demand for Bitcoin exposure through regulated financial products.
Bitcoin Market Performance
In addition to Binance and BlackRock’s role in the Bitcoin market, the asset has restored hope and confidence to investors following its recent price performance.
So far, BTC has increased by over 20% in the last two weeks and over 10% in the last 7 days, pushing its price above $75,000. Notably, the asset is valued at $75,700, which at the time of writing was up 1.8% over the past day.
The current market price represents just a 0.7% decline from yesterday’s high of $76,243. Interestingly, even though the asset continues to see a steady price augment, BTC’s daily trading volume appears to have weakened.
Data from CoinGecko shows that this BTC metric has seen a noticeable drop from over $130 billion as of November 6 to a valuation of under $70 billion as of today.
Featured image created with DALL-E, chart from TradingView
