BlackRock’s IBIT ETF Gobbles Up $3.85B in Bitcoin During June—Now Hoards $75B in BTC

Wall Street’s crypto crush just got heavier. BlackRock’s IBIT ETF stuffed another $3.85 billion worth of Bitcoin into its vaults last month—pushing its total holdings to a staggering $75 billion. Who said institutional money was shy?

The big guns are loading up. While retail traders sweat over dips, BlackRock’s Bitcoin binge shows no signs of slowing. Guess they missed the memo about ‘waiting for regulation.’

Funny how the same firms that once dismissed crypto now can’t get enough. Maybe those ‘digital gold’ whispers finally pierced the marble halls of finance. Or maybe they just hate losing to an asset that outperforms their legacy portfolios.

One thing’s clear: When the world’s largest asset manager starts stockpiling Bitcoin like toilet paper in a pandemic, it’s time to pay attention. Or at least laugh at the irony.

This surge in IBIT ETF traction aligns with BlackRock’s dominant market presence and its partnership with Coinbase as a secure custodian. The issue has integrated Coinbase’s Aladdin risk management software with Coinbase Prime to enhance trading, custody, and reporting services for the ETF. 

The June haul—which amounts to approximately 36,300 at the current price of approximately $106,000 per Bitcoin—reflects growing demand for Bitcoin exposure through exchange-traded products (ETPs). 

Notably, BlackRock’s IBIT has seen consistent inflows compared to any other Bitcoin ETFs with June’s acquisition marking a 5% surge to its holdings. This MOVE follows a continuously increasing demand for Bitcoin among traditional investors. 

The total trading volume in Bitcoin ETFs now also accounts for a substantial share of trading volume compared to that of centralized exchanges. Despite this massive buy, Bitcoin’s price has struggled to surpass $110,000, prompting speculation of buyer exhaustion. 

Also read: SEC Approves Grayscale ETF with BTC, ETH, XRP, SOL, ADA