In Brief

• BlackRock’s iShares Bitcoin Trust ETF (IBIT) has swiftly amassed 196,065 BTC, surpassing MicroStrategy’s holdings.
• This milestone underscores the growing demand for spot Bitcoin ETFs, highlighting unprecedented BTC accumulation.
• Bitcoin’s pice briefly surged to a new all-time high of nearly $70,000 driven by the high demand for Bitcoin ETFs.

BlackRock’s iShares Bitcoin Trust ETF’s (IBIT) BTC holdings outstripped that of MicroStrategy over the past week.

BlackRock’s BTC holdings have surged to 196,065 BTC, surpassing MicroStrategy’s 193,000 BTC stash. Since its January launch, IBIT, BlackRock’s premier Bitcoin ETF, has garnered significant attention and trading activity from investors.

BlackRock Holds More Bitcoin Than MicroStrategy

BlackRock’s Bitcoin accumulation pace surpassed that of MicroStrategy, which began its BTC acquisitions in 2020. The company, led by Michael Saylor, recently rebranded to a Bitcoin development company to reflect its enduring success with the leading digital asset.

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Meanwhile, BlackRock’s swift acquisition underscores the surging demand for spot Bitcoin ETFs since their introduction in January. In a recent interview, Michael Sonnenshein, CEO of Grayscale, said the “pent-up demand” for these Bitcoin ETFs is currently driving the market’s enthusiasm.

“We’re seeing tremendous flows and investor demand, and that’s really also outpacing the supply of bitcoin coming into the market every day which is really being added to the price,” Sonnenshein said.

ETF expert Nate Geraci echoed this sentiment, highlighting that the influx into nine new spot Bitcoin ETFs in the past two months exceeds the total inflow into all physical gold ETFs in the past five years. Recent data further validates Sonnenshein and Geraci’s observations, revealing that cumulative trading volume for these ETFs has surpassed $100 billion.

This surge in trading activity has fueled the growth of spot Bitcoin ETFs, which now collectively hold 4% of Bitcoin’s total circulating supply. As a result, Bitcoin’s price soared to a fresh new all-time high, marking its second record-breaking high this week.

Nonetheless, excitement quickly turned to apprehension as the market witnessed a sharp sell-off reminiscent of crypto’s notorious volatility. According to blockchain analytical firm Kaiko, Bitcoin’s price surged to $69,952 and dropped by nearly 6% to $66,120 shortly after, liquidating millions in long and short positions across multiple crypto exchanges.