BlackRock’s iShares Bitcoin Trust (IBIT) Accumulates 700,000 BTC, Surpassing Competitors

BlackRock’s iShares Bitcoin Trust (IBIT) has rapidly accumulated 700,000 BTC over the past 18 months, managing a total of $76 billion in assets. This achievement surpasses the holdings of other major competitors in the spot ETF market, including MicroStrategy, Fidelity, and Grayscale. MicroStrategy holds 597,325 BTC, while Fidelity and Grayscale hold 203,000 BTC and 184,000 BTC respectively.

Since the beginning of 2024, twelve U.S. spot Bitcoin ETFs have attracted $50 billion in net inflows. These funds are required to purchase and hold bitcoin to back their shares, thereby driving direct demand in the market and tightening the available supply. This trend has significant implications for the overall market dynamics, as the increased demand from these ETFs can potentially lift bitcoin prices.

IBIT’s growth has been described as “ridiculous” by Nate Geraci, an ETF analyst, due to its rapid pace. The fund’s ability to capture such a large amount of bitcoin in a short period is unprecedented. Investors are also noting that the rising purchases by these funds can have a positive impact on bitcoin prices.

In terms of fee revenue, IBIT leads the market. Last week, reports indicated that it earned $187.2 million annually in management fees. This figure is comparable to BlackRock’s flagship S&P 500 fund, IVV, which generated $187.1 million. This highlights the profitability of bitcoin ETFs, which now rival core equity products.

Across all twelve spot ETFs, holdings exceed 1.2 million BTC. As these funds continue to add coins, they remove supply from exchanges, which may fuel further price gains if buying pressure persists. Investors are closely monitoring monthly filings for changes in fund inflows and holdings. If larger allocations continue, bitcoin’s path could grow steadier.

IBIT is currently trading near $62.80, closely tracking the performance of Bitcoin, which is consolidating near $108,000. Over the past month, IBIT has moved within a range of $59.50–$64.30, reflecting Bitcoin’s recent sideways consolidation phase below the $110,000 psychological level.

Institutional inflows remain robust, with total assets under management (AUM) approaching $75 billion. IBIT continues to lead in daily volume among all crypto ETFs. Analysts note that ETF inflows have remained net positive for 11 consecutive weeks, a trend supporting Bitcoin’s price floor and lending long-term credibility to IBIT’s stability. Derivatives and option market positioning have become increasingly leveraged around IBIT as institutional investors use the fund to hedge exposure to broader crypto portfolios and interest rate movements.

Political interest has risen, as multiple 2024 U.S. presidential candidates have endorsed Bitcoin-based ETF inclusion in 401(k) plans, a move that could dramatically increase retirement capital inflows into products like IBIT. Social sentiment remains extremely bullish, with users on platforms like StockTwits and Reddit’s r/ETFs calling IBIT the “new QQQ of crypto,” citing its low fees, easy brokerage access, and direct BTC spot tracking.

Technically, IBIT is forming a continuation flag just beneath its all-time high. A breakout above $64.50 would likely mirror a Bitcoin move above $110K, with short-term targets at $67.90 and $70.50. If the price retraces, support is expected near $59.80, with broader macro floors aligned with BTC’s CME gap at $103K.