BlackRock’s Bitcoin Bonanza: Is the Party Over for Retail Investors? 🎉💸

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So, BlackRock’s spot Bitcoin exchange-traded fund (ETF) is strutting its stuff, almost hitting the $70 billion mark in assets under management. I mean, who knew institutional investors could be so interested? Meanwhile, retail inflows are about as lively as a sloth on a Sunday afternoon. 🦥

In case you missed it, BlackRock, the world’s largest asset manager (yes, the one that sounds like a superhero), has gobbled up over $69.7 billion worth of Bitcoin (BTC) through its iShares Bitcoin Trust (IBIT) ETF. That’s over 3.25% of the total BTC supply! Talk about a power move! 💪

And guess what? BlackRock’s IBIT ETF now controls a whopping 54.7% of the market share of all US spot Bitcoin ETFs. That’s like being the only kid with a shiny new toy in a playground full of rusty tricycles! 🚴‍♂️

This milestone comes less than a year and a half after US spot Bitcoin ETFs first made their grand debut on January 11, 2024. It’s like watching a toddler take its first steps—adorable and slightly terrifying! 😱

But wait, there’s more! IBIT has waltzed its way into the world’s top 25 largest ETFs by assets under management. Yes, it’s now the 23rd largest ETF among crypto and traditional finance products. Who knew Bitcoin could be so popular? 🎉

However, not everyone is throwing confetti. Some analysts are saying that the demand for ETFs is being countered by profit-taking and selling pressure from miners. It’s like a party where half the guests are trying to leave early. 🥳

“A breakout may need a new catalyst or sentiment shift,” said Iliya Kalchev, an analyst at Nexo, who sounds like he knows what he’s talking about. He added that long-dormant wallets are currently hoarding more supply than miners are producing. It’s like a game of Monopoly where one player just won’t stop buying properties! 🏠

High-value investors dominate BTC transactions

Onchain data from Glassnode shows that large-value transfers are taking over Bitcoin network activity. The total number of transactions may have declined, but the average transaction size is now a jaw-dropping $36,200. That’s like buying a small car with a click of a button! 🚗💰

“This trend implies that larger entities continue to utilize the Bitcoin network, with the throughput per transaction rising even as overall activity by count declines,” according to a Glassnode report released on Thursday. So, basically, the big fish are still swimming while the little guppies are hiding in the weeds. 🐟

Moreover, transactions exceeding $100,000 now account for over 89% of network activity. That’s right, high-value participants are taking over like they own the place! 💼

While the big players are accumulating, it seems fewer new retail investors are entering the market. It’s like a club that’s suddenly gone exclusive—sorry, no entry for you! 🚫

Bitcoin’s short-term holder cohort has fallen to just 4.5 million BTC, down over 800,000 BTC from holding 5.3 million BTC on May 27. This signals that “new money is drying up in Bitcoin,” according to a Friday report from analytics platform CryptoQuant. It’s like watching a balloon slowly deflate—sad but oddly fascinating. 🎈

If investor demand continues to weaken, Bitcoin may find its next significant support near the $92,000 mark. That’s the traders’ onchain realized price that acts as a significant support level during bull cycles. Fingers crossed, right? 🤞

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2025-06-20 13:41