BlackRock's iShares Bitcoin Trust (IBIT) has purchased $1.08 billion worth of Bitcoin over the last 20 days, according to on-chain data from Arkham. The acquisition represents significant institutional buying activity in the cryptocurrency market.
IBIT now holds approximately 785,900 BTC, valued at roughly $61 billion at the time of reporting. BlackRock's total crypto holdings exceed $66 billion, including Ethereum and smaller altcoin positions, though Bitcoin remains the fund's primary focus. The recent purchases were largely conducted through Coinbase Prime.
American spot Bitcoin ETFs collectively hold more than 1.2 million BTC, representing over 6% of the entire Bitcoin supply and approximately $92 billion in value.
Grayscale Faces Competitive Pressure
Grayscale's Bitcoin Trust (GBTC) posted net outflows during the same period. Industry observers attribute the divergence in fund flows partly to fee structures, with IBIT charging 0.25% annually compared to Grayscale's 1.5% fee. Despite Grayscale's longer history in Bitcoin custodial services, predating SEC approval of spot Bitcoin ETFs, it faces intensifying competition in the ETF space.
Market Outlook
Recent Bitcoin ETF flows have shown general strength, though outflows occurred in the days immediately preceding the reporting period. Analysts suggest the inflow trend is likely to continue absent a significant market decline.
