In today’s crypto update, the world’s largest asset manager, BlackRock, has resumed accumulating Bitcoin after more than two weeks of consistent selling, according to blockchain analytics platform Arkham Intelligence.
Arkham reported that BlackRock purchased approximately $250 million worth of Bitcoin over the past two days through its spot Bitcoin ETF, marking a significant reversal in its recent trading activity.
On-Chain Data Reveals Fresh Bitcoin Inflows
Arkham’s on-chain data shows that BlackRock received multiple Bitcoin transfers of roughly 300 BTC each, with every transaction valued between $18 million and $19 million. Notably, the acquisition occurred via Coinbase Prime, as BlackRock withdrew the BTC to its private wallet. These transfers represent the creation of new ETF shares in response to rising investor demand.
As a result, the latest transactions mark BlackRock’s first notable Bitcoin accumulation after more than two weeks of daily ETF outflows.
IBIT Tops 730,000 BTC as Investor Demand Returns
The fresh purchases have increased the holdings of BlackRock’s iShares Bitcoin Trust (IBIT) to 730,440 BTC, reinforcing its position as one of the world’s largest institutional Bitcoin holders. The fund continues to highlight the growing scale of capital flowing into regulated spot Bitcoin ETFs.
Like other spot Bitcoin ETFs, IBIT’s Bitcoin reserves fluctuate based on investor subscriptions and redemptions. When investors buy ETF shares, authorized participants acquire Bitcoin and transfer it to the fund’s custodian, increasing its holdings. Conversely, investor redemptions can trigger Bitcoin outflows.
ETF Flows Reverse After Weeks of Heavy Outflows
Data from Farside Investors shows that IBIT has experienced persistent outflows for several weeks, shedding hundreds of millions of dollars during that period. However, the trend reversed this week as investor appetite returned.
On July 6, IBIT recorded $209.4 million in net inflows, followed by another $54.8 million on July 7. Notably, IBIT was the only U.S. spot Bitcoin ETF to attract fresh capital on the latter day.
With cumulative net inflows of $60.25 billion, IBIT remains the largest spot Bitcoin ETF by total investor inflows.
Despite BlackRock’s renewed Bitcoin accumulation, the leading cryptocurrency extended its recent decline. Bitcoin fell below the $62,000 level today and traded at $61,908, representing a 3.25% decline over the past 24 hours.
Meanwhile, daily trading volume dropped 7.02% to $29.57 billion, indicating softer market activity even as institutional demand through ETFs showed signs of recovery.
Temitope Olajide
