BlackRock’s IBIT Achieves 600K BTC Milestone Amid Institutional Bitcoin Boom
The Bitcoin market is experiencing a powerful wave of institutional adoption, with BlackRock’s iShares Bitcoin Trust (IBIT) crossing a major milestone—now holding over 600,000 BTC. This landmark cements IBIT’s role as a dominant force in institutional Bitcoin investment and signals a pivotal moment in the asset’s ongoing maturation.
Fueling this surge is a record-breaking eight-day inflow streak among U.S. spot Bitcoin ETFs, which absorbed a collective $3.9 billion, according to data from FarSide. Leading the charge, BlackRock’s IBIT added 2,273 BTC worth nearly $217 million on April 29 alone, boosting its total to 601,209 BTC—more than triple the holdings of its closest competitor, Fidelity.
Institutional Momentum vs. Retail Hesitation
Market intelligence firm Santiment highlights that this flood of institutional capital reflects renewed investor confidence, especially as concerns over global tariffs and geopolitical instability begin to ease.
“Some traders may feel more relaxed now that the fear around new tariffs has calmed down. Others may be trying to ride the wave of crypto’s recent bounce back,” noted Santiment analyst BrianQ.
Key to IBIT’s dominance is its combination of liquidity, trust in the BlackRock brand, and extensive media visibility, which have made it the go-to instrument for institutional BTC exposure.
Despite the bullish inflows, Santiment warns of a bearish divergence: Bitcoin prices are rising, but trading volumes are declining—a red flag that often signals a weakening rally. With BTC recently spiking to $95,066, the lack of retail volume behind the move suggests the momentum is largely driven by institutional buyers like ETF issuers and corporate entities.
“There’s a bit of a bearish divergence forming due to prices rising, but volume moving the opposite direction,” added BrianQ. “This pattern usually suggests a rally might be getting weaker, since it’s not being supported by strong activity from traders.”
BTC’s Performance Holds Ground
Still, Bitcoin remains resilient. Over the past week, BTC gained 1.6%, slightly outperforming the broader crypto market’s 1.3% rise. It’s also up 13.7% over the past 14 days and 16.1% over the past 30, maintaining a year-over-year gain of over 50%.
Trading within a tight range between $93,881 and $95,443 in the last 24 hours (per CoinGecko), Bitcoin’s price stability—despite the volume concerns—continues to keep market watchers cautiously optimistic.
