BlackRock’s spot Bitcoin ETF is approaching $70 billion in assets under management, reflecting rising interest from institutional investors despite sluggish retail inflows. The iShares Bitcoin Trust (IBIT) has acquired over $69.7 billion in Bitcoin, now holding more than 3.25% of the total supply. It controls 54.7% of the market share of all US spot Bitcoin ETFs. This achievement follows sustained inflows, with US Bitcoin ETFs experiencing eight consecutive days of net positive flows, totaling $388 million in a single day. However, analysts indicate that increased ETF demand is being countered by selling pressures from miners and profit-taking. Onchain data shows that high-value transactions dominate Bitcoin activities, with transactions over $100,000 making up over 89% of the network. As the number of short-term Bitcoin holders declines, analysts suggest the absence of new capital may impact Bitcoin’s market, with the potential next support near the $92,000 mark, based on realized onchain prices.

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