According to the latest crypto update, asset management giant BlackRock has strengthened its Bitcoin position once again, withdrawing 1,789.65 BTC, valued at $119.17 million, from Coinbase Prime to wallets associated with its iShares Bitcoin Trust (IBIT) ETF.
Blockchain analytics platform Onchain Lens highlighted the latest transfer, reinforcing BlackRock’s continued accumulation strategy. The move comes shortly after reports revealed that the asset manager had purchased roughly $250 million worth of Bitcoin, signaling sustained institutional demand despite Bitcoin’s recent price fluctuations.
IBIT Bitcoin Holdings
Following the latest acquisition, BlackRock’s IBIT ETF now holds 738,050 BTC, with the stash currently valued at around $48.6 billion.
The growing reserve further cements BlackRock’s position as the largest holder among U.S. spot Bitcoin ETFs. The firm’s consistent accumulation underscores ongoing confidence in Bitcoin’s long-term investment outlook, even as the cryptocurrency experiences short-term market volatility.
Spot Bitcoin ETFs Extend Six-Day Inflow Streak
BlackRock’s latest purchase aligns with another positive day for the U.S. spot Bitcoin ETF market.
According to SoSoValue, spot Bitcoin ETFs recorded $203 million in net inflows on July 21 (ET), marking the sixth consecutive trading day of positive flows. BlackRock’s IBIT accounted for the largest share of the day’s inflows, attracting $163.9 million in fresh capital. Other issuers also posted gains:
- Fidelity: $23.1 million
- ARK Invest: $9.7 million
- Grayscale: $6.5 million
The continued inflow streak indicates that institutional investors remain actively allocating capital to Bitcoin through regulated investment vehicles, despite recent market consolidation.
Bitcoin Holds Near $66,000 Despite Market Pullback
The accumulation comes as Bitcoin continues to trade near the $66,000 level.
Although the cryptocurrency declined 0.86% over the past 24 hours, it remains 1.61% higher over the past week, reflecting resilience despite short-term selling pressure.
BlackRock’s continued purchases during this period suggest the asset manager views the recent price action as part of Bitcoin’s normal market cycle rather than a reason to reduce exposure.
The latest transfer and the ongoing ETF inflows highlight continued institutional interest in Bitcoin. With BlackRock leading daily ETF inflows and steadily expanding its IBIT holdings, institutional capital continues to provide meaningful support for the Bitcoin market. If the positive ETF flow trend persists, it could strengthen market sentiment and reinforce Bitcoin’s longer-term outlook, particularly as large asset managers continue accumulating the digital asset.
Evans Kelvin
