BlackRock Records Six Straight Days of BTC Inflows ($1.5B)

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BlackRock’s spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), has recorded six consecutive trading days of net inflows, accumulating over $1.5 billion worth of Bitcoin. IBIT now holds $60.55 billion of BTC, equating to 766K BTC.

BlackRock is the fourth-largest Bitcoin holding entity in the world, after Satoshi Nakamoto (1.1M), Coinbase (983K), and Strategy (840K). Explore our deep-five into the top BTC holders here. 

The sustained accumulation from the world’s largest asset manager comes amidst a surge in prices across the crypto industry, with BTC briefly touching $81,000 on Monday.

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On-Chain Tracking on Arkham

On-chain data tracked via Arkham confirms inflows into BlackRock IBIT custody wallets. The blockchain shows repeated 300 BTC transfers moving from Coinbase Prime hot wallets directly into BlackRock’s labeled IBIT addresses. 

You can track some of these IBIT wallets directly on Arkham:

1. Bc1qvlk0r584m74kyf6tdq8r8es43w0e4y20sm2whg
2. Bc1qgjuv5cmczcttpwy56gj6f46xehrjfw255y35f5
3. Bc1qhug23ff3jy0lnuy27huz93rp70z9mcts48n4ev
4. bc1q382hvy72szks44e4qk8cy76qwhmddd3rcyx37n

Because spot Bitcoin ETFs operate under a standard T+1 (or T+2) settlement cycle in traditional finance, these on-chain deposits settle on the blockchain one business day after creation orders are executed. 

You can explore these transactions on Arkham and use the proprietary AI, ULTRA, to generate insights into BlackRock’s custodial strategy. For example, the AI generated this insight for one of the inflow transactions (screenshot below):

This transaction represents a withdrawal of 437.25 ($34.82M) bitcoin (BTC) from a Coinbase Prime Hot Wallet. Of this, 300 ($23.89M) BTC was sent to BlackRock: IBIT Bitcoin ETF (bc1qh). The remaining 137.25 ($10.93M) BTC was returned as change to the Coinbase Prime Hot Wallet.

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ETF Inflows and Bitcoin Price Action

The buying spree from IBIT aligns with a broader resurgence across the entire spot ETF sector. According to data from SoSoValue, total net inflows across all U.S. spot Bitcoin ETFs topped $2.3 billion over the same six-day window, with BlackRock accounting for 65% of total BTC ETF intake. 

Competing funds, including Fidelity’s FBTC and Bitwise’s BITB, also recorded inflows of $398 million and $90 million respectively in the last six days.

The institutional interest from BlackRock (and other ETF issuers) has provided support for Bitcoin’s spot price. BTC has traded firmly upward recently after the Treasury announced bond buybacks last week.