BlackRock Clients Fuel Bitcoin ETF Surge with $183M Purchase
BlackRock's clients have bought $183.41 million worth of Bitcoin through the iShares Bitcoin Trust (IBIT) in July, adding to the trend of large institutional inflows into Bitcoin ETFs this year.
This recent purchase brings the total IBIT inflows in July alone to over $700 million and highlights BlackRock's dominant position with over 734,000 BTC under custody and a 50-60% market share of spot Bitcoin ETFs.
The concentration of Bitcoin ETF exposure in BlackRock raises potential market risks if the firm's strategy or regulatory status changes.