BlackRock Leads Bitcoin ETF Accumulation as Others Retreat

Bitcoin ETFs are showing a notable divergence in strategy, with BlackRock’s iShares Bitcoin Trust (IBIT) significantly increasing its holdings while other funds reduce exposure. According to CryptoQuant’s Head of Research Julio Moreno, IBIT has added 19,514.4 BTC so far in 2025, standing out amid declining reserves from other major ETFs.

Grayscale’s GBTC reported the largest outflow, shedding 15,256.6 BTC, followed by smaller sell-offs from funds like FBTC, BRRR, BTCO, and BITB. Moreno highlighted that while BlackRock is actively buying Bitcoin, other ETF issuers appear to be pulling back, leading to stagnating demand. This split strategy is generating uncertainty in the market and reflects shifting institutional sentiment.

Experts suggest BlackRock’s aggressive accumulation aligns with a long-term investment strategy, while outflows from competitors may reflect profit-taking or a change in fund objectives. The overall trend reveals that despite increased institutional interest, only a few players are significantly influencing Bitcoin’s market trajectory.

Bitcoin is currently trading at $84,953.64, still 22% below its all-time high, according to CoinMarketCap. The relatively flat price action suggests investors are closely watching ETF movements for cues. The market’s dependency on BlackRock’s activity underscores the risk of overreliance on a single entity to drive momentum.

Julio Moreno warns that without broader institutional participation, Bitcoin could remain range-bound, lacking the bullish pressure needed for a breakout. A more balanced accumulation across ETFs is essential for building long-term investor confidence and maintaining price stability. As it stands, Bitcoin’s future hinges on whether more institutional players follow BlackRock’s lead.