BlackRock’s Bitcoin Juggernaut: IBIT Now Holds 600K BTC as Wall Street Goes All-In
Institutional money is flooding into Bitcoin—and BlackRock just crossed a staggering milestone. Their IBIT product now holds over 600,000 BTC, proving even traditional finance giants can’t ignore crypto’s siren song.
Wall Street’s sudden love affair with Bitcoin smells suspiciously like FOMO dressed in a tailored suit. But hey, when the world’s largest asset manager starts hoarding digital gold, maybe the ’tulip bubble’ crowd should check their calendars—it’s 2025.
The real question isn’t whether institutions are buying, but what happens when they start fighting over the last remaining coins. Tick tock, next block.
Institutional Juggernaut vs. Retail Retreat
According to insight from market intelligence platform Santiment, this sustained capital injection reflects a newfound investor confidence, emerging just as fears around global tariff uncertainty and geopolitical tension are starting to ease.
“Some traders may feel more relaxed now that the fear around new tariffs has calmed down. Others may be trying to ride the wave of crypto’s recent bounce back.” wrote Santiment analyst BrianQ.
One standout from the recent pattern is BlackRock’s IBIT. As stated in the report, liquidity, brand trust, and media saturation have converged to make it the preferred vehicle for institutions looking to gain BTC exposure.
On April 29 alone, it added 2,273 BTC worth nearly $217 million, pushing its total holdings to 601,209 BTC. It marked a symbolic and logistical milestone, cementing BlackRock’s position as the largest institutional Bitcoin holder, with the second-largest, Fidelity, at just under 200,000 BTC.
Still, despite the flood of institutional capital, Santiment’s report revealed a concerning trend: Bitcoin’s price is rising even though trading volumes are dropping, a classic bearish divergence that often foreshadows pullbacks.
This anomaly is particularly striking given Bitcoin’s surge to $95,066. Usually, such rallies are accompanied by swelling volumes, signaling widespread conviction. Instead, observers have noted that a narrow cohort of deep-pocketed investors has propped up the market, primarily ETF issuers and corporations like Strategy, while retailers remained sidelined.
Even though the ETF inflows mechanically increase demand since issuers must buy BTC to back shares, the fading volume suggests BTC’s recent rally lacks organic momentum.
“There’s a bit of a bearish divergence forming due to prices rising, but volume moving the opposite direction,” explained BrianQ. “This pattern usually suggests a rally might be getting weaker, since it’s not being supported by strong activity from traders.”
BTC’s Steady Climb
Nonetheless, Bitcoin is currently holding firm around $95,000 following a decisive breakout earlier in the month. Over the past 24 hours, it traded within a narrow band between $93,881 and $95,443, per data from CoinGecko.
On the weekly scale, the flagship cryptocurrency gained a modest 1.6%, which was enough to outpace the broader crypto market’s 1.3% rise in that period. Additionally, its 14-day and 30-day gains sit at 13.7% and 16.1% respectively, while remaining up more than 50% year-on-year.
