BlackRock's Bitcoin spot Exchange-Traded Fund (ETF) manages assets close to 70 billion USD, reflecting growing interest from institutional investors despite a slowdown in retail capital inflows. BlackRock holds Bitcoin worth over 69.70 billion USD through its iShares Bitcoin Trust (IBIT) ETF, accounting for 3.25% of the total Bitcoin supply. IBIT commands more than 54.7% market share in the US spot Bitcoin ETF market and holds 6.12% of the total Bitcoin supply overall. Since the first trading of the US spot Bitcoin ETF on January 11, 2024, BlackRock's ETF market has seen continuous capital inflows, with a single-day net inflow reaching 388 million USD. IBIT has become the world's 23rd largest ETF. Nevertheless, analysts note that miners' profit-taking and selling pressure have offset ETF demand. On-chain data shows that large transactions dominate Bitcoin network activity, with an average transaction amount of 36,200 USD. Transactions exceeding 100,000 USD account for over 89% of network activity, indicating increasing dominance by large participants. Retail investors have decreased, and the number of short-term Bitcoin holders has fallen, suggesting that "new funds are drying up." If demand continues to weaken, Bitcoin may find significant support around 92,000 USD.

BlackRock’s spot Bitcoin exchange-traded fund (ETF) is nearing the $70 billion mark in assets under management, signaling growing interest from institutional investors even as retail inflows appear to be slowing. BlackRock, the world’s largest asset manager, has acquired over $69.7 billion worth of Bitcoin ( BTC ) through its iShares Bitcoin Trust (IBIT) ETF, representing over 3.25% of the total BTC supply. BlackRock’s IBIT ETF now controls over 54.7% of the market share of all US spot Bitcoin ETFs, which hold a cumulative 6.12% of the total 21 million Bitcoin supply, according to Dune data. BlackRock’s milestone comes less than a year and a half after US spot Bitcoin ETFs first debuted for trading on Jan. 11, 2024. The milestone comes amid sustained inflows into the ETF market. US Bitcoin ETFs logged eight consecutive days of net positive flows, bringing in $388 million in Bitcoin on Wednesday alone, according to Farside Investors. IBIT has also entered the world’s top 25 largest ETFs by assets under management. BlackRock’s fund has grown to become the world’s 23rd largest ETF among crypto and traditional finance products, according to data from VettaFi. Still, some analysts say that the demand for ETFs is being offset by profit-taking and selling pressure from miners. “A breakout may need a new catalyst or sentiment shift,” Iliya Kalchev, an analyst at Nexo, told Cointelegraph. He added that long-dormant wallets are currently absorbing more supply than miners are producing, and added that corporate treasury strategies and accumulation from large investors continue offsetting profit-taking. Related: Genius Group Bitcoin treasury grows 52% as 1,000 BTC goal reaffirmed Onchain data from Glassnode shows that large-value transfers are dominating Bitcoin network activity. Although the total number of transactions has declined, the average transaction size is now $36,200. “This trend implies that larger entities continue to utilize the Bitcoin network, with the throughput per transaction rising even as overall activity by count declines,” according to a Glassnode report released on Thursday. Moreover, transactions exceeding $100,000 now account for over 89% of network activity, which “reinforces the view that high-value participants are becoming increasingly dominant,” Glassnode said. Related: Nasdaq-listed Lion Group bets big on Hyperliquid with $600M treasury While large players accumulate, fewer new retail investors appear to be entering the market. Bitcoin’s short-term holder cohort has fallen to just 4.5 million BTC, down over 800,000 BTC from holding 5.3 million BTC on May 27, signaling that “new money is drying up in Bitcoin,” according to a Friday report from analytics platform CryptoQuant. If investor demand continues to weaken, Bitcoin may find its next significant support near the $92,000 mark, which is the traders’ onchain realized price that acts as a significant support level during bull cycles, according to CryptoQuant. Magazine: US risks being ‘front run’ on Bitcoin reserve by other nations: Samson Mow 

BlackRock's Bitcoin ETF assets approach 70 billion USD, accounting for 3.25% of Bitcoin's supply, with institutional investors dominating the market.