BlackRock ETF Tops Coinbase, Binance in BTC; Eyes ETH Lead
BlackRock’s iShares Bitcoin ETF (IBIT) now holds about 745,357 BTC, surpassing Coinbase’s 706,150 BTC and Binance’s 584,557 BTC. Meanwhile, the iShares Ethereum ETF holds 3.6 million ETH, narrowing the gap with Coinbase’s 3.8 million ETH and Binance’s 4.7 million ETH. Over two months, iShares added 1.2 million ETH, positioning it to overtake Coinbase by year-end. On-chain data shows 30-day average inflows to exchanges at multi-month lows for both BTC and ETH, indicating reduced selling pressure. Ether ETFs have seen over $1.5 billion in net inflows since last Thursday, with $450 million in a single day. Bitcoin ETFs reversed a $1.17 billion outflow last week with $310 million in inflows over two days. This shift toward regulated BlackRock ETF holdings tightens market supply and underscores growing institutional confidence, creating a bullish backdrop for both Bitcoin and Ethereum.
Bullish
BlackRock’s growing ETF holdings signal a decisive shift from exchange custody to regulated fund custody. As IBIT and iShares ETH ETF accumulate hundreds of thousands of BTC and millions of ETH, the liquid supply on exchanges tightens. Historically, reduced exchange balances correlate with price upticks, as seen when GBTC drove Bitcoin’s 2020 rally through sustained outflows from exchanges. Concurrently, ETF inflows highlight robust institutional demand, offsetting prior ETF outflows and reinforcing bullish momentum. In the short term, lower exchange inflows suggest diminished sell-side pressure, supporting price stability and upward bias. Over the long term, structural realignment toward custodial products like BlackRock ETF products could underpin sustained growth by increasing institutional participation and market resilience. These factors combine to create a bullish outlook for both Bitcoin and Ethereum.