BlackRock’s spot Bitcoin ETF has surged in popularity, closing in on $70 billion in assets under management and reinforcing the growing dominance of institutional investors in the crypto market.
As of the latest data, the iShares Bitcoin Trust (IBIT) has accumulated $69.7 billion in Bitcoin, representing more than 3.25% of the entire circulating BTC supply.
The fund now holds over 54.7% of the U.S. spot Bitcoin ETF market share, which collectively manages 6.12% of all existing Bitcoin, according to Dune Analytics.
Institutional Players Cement Their Presence
IBIT’s rapid rise has come just 18 months after the debut of U.S. spot Bitcoin ETFs on January 11, 2024.
The milestone indicates that large financial institutions are playing an increasingly influential role in Bitcoin’s market dynamics.
“Large institutions like BlackRock are a big part of the price action, and supply scarcity is an important driver right now,” said Emmanuel Cardozo, market analyst at Brickken.
He added that institutional accumulation tends to ramp up following periods of geopolitical uncertainty, a pattern seen in past Bitcoin cycles.
Sustained Inflows and Record ETF Positioning
The ETF market has seen eight straight days of net positive inflows, with U.S. Bitcoin ETFs drawing in $388 million on Wednesday alone, according to Farside Investors.
That trend reflects consistent demand even as retail interest appears to cool.
BlackRock’s IBIT fund has now become the 23rd largest ETF in the world, surpassing many traditional finance products in terms of assets under management, based on data from VettaFi.
Despite these achievements, some analysts caution that investor sentiment may need another catalyst to drive prices substantially higher.
According to Nexo’s Iliya Kalchev, “A breakout may need a new catalyst or sentiment shift.”
He pointed out that dormant wallets are currently absorbing more supply than miners are producing, and that accumulation by corporates and whales is helping to counteract recent selling pressure.
Whales Drive Most Bitcoin Activity
Glassnode’s on-chain data further reinforces the dominance of high-net-worth investors in the market.
While the number of Bitcoin transactions has decreased, the average transaction size has risen to $36,200.
“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,” said Glassnode in a report published Thursday.
More strikingly, transactions exceeding $100,000 now represent over 89% of all activity on the network.
Glassnode noted that this pattern shows high-value participants are becoming the dominant force in Bitcoin’s transaction landscape.
U.S.-listed spot Bitcoin exchange-traded funds (ETFs) attracted $412.2 million in net inflows on Monday, marking the sixth consecutive day of gains and lifting total cumulative inflows to $46.04 billion.
The strong inflow streak began on June 9 and has now drawn in more than $1.8 billion in fresh capital, according to figures compiled by SoSoValue.
These inflows have persisted despite ongoing geopolitical instability, including renewed military tensions between Iran and Israel.
The run started with a $386.27 million inflow on June 9, followed by a spike to $431.12 million the next day.
Midweek activity saw a minor pullback, but interest resumed with $322.60 million on Friday and a fresh surge on Monday.
Total net assets across all U.S. spot Bitcoin ETFs have reached $132.5 billion.
This figure now represents 6.13% of Bitcoin’s entire market capitalization.
Meanwhile, daily trading volumes have also remained high, with $3.12 billion worth of trades executed on Monday alone.
BlackRock and Fidelity Continue to Lead the ETF Race
Among the ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) remains the frontrunner.
It pulled in $266.60 million on Monday alone and has now amassed $50.03 billion in total net inflows.
Fidelity’s FBTC also performed strongly, adding $82.96 million in net flows.
Grayscale’s GBTC, however, lagged behind significantly with just $12.84 million in inflows and continues to reflect a total net outflow of $23.23 billion since its inception.
Vincent Liu, Chief Investment Officer at Taiwan-based Kronos Research, emphasized that institutional investors appear to be focusing on long-term strategies.
“Despite rising tensions between Israel and Iran, institutions are looking past short-term volatility and focusing on long-term positioning,” Liu told Cointelegraph.
He added, “Steady Bitcoin ETF inflows reflect growing trust in BTC’s resilience, accessibility, and role as a hedge in a shifting macro environment.”
Bitcoin Price Volatile, But Underlying Structure Intact
While ETF inflows remain strong, Bitcoin’s price has faced some turbulence.
A surprise Israeli strike on Iran last Friday triggered a broader sell-off, pushing Bitcoin down more than 7% and ending the week in the red.
Bitfinex analysts noted that the market showed signs of capitulation, with Net Taker Volume hitting a multi-week low of $197 million.
“This selling, however, combined with a spike in liquidations, resembles past capitulation-style setups that often mark local bottoms,” they stated in a report released Monday.
They also observed that if Bitcoin can maintain support between $102,000 and $103,000, it may indicate that downward pressure is being absorbed and could suggest a potential rebound in the near term.
Despite the brief price dip, the continued inflows into ETFs suggest growing institutional confidence in Bitcoin as a resilient asset class, even amid uncertain global conditions.
Bitcoin is currently consolidating around $105,000, but sentiment among traders remains firmly bullish.
Despite recent geopolitical and macroeconomic disruptions, many analysts believe the bull market is far from over.
Rather than signaling a top, the current pause is seen by many as the prelude to further upside.
Well-known trader Alan Tardigrade is one of several voices pointing to an optimistic future.
“Bitcoin is trending upward in an Ascending Broadening Wedge,” he said in his latest market analysis on June 15.
He believes this bullish chart pattern could lead the price to $170,000 in the near future.
Technical Indicators Support Bullish Forecasts
Tardigrade also noted that a golden cross — when the 50-day moving average crosses above the 200-day moving average — has reappeared on the daily chart.
According to him, this pattern has historically boosted BTC by 49%, 125%, and 68% since early 2023.
“If $BTC experiences its worst and best gains from this point, it could reach $152k and $229k. These targets are reasonable given the recent uptrend,” he explained.
His analysis of weekly and daily timeframes suggests that Bitcoin’s bullish structure is still intact, even amid temporary slowdowns.
Other Traders Echo Bullish Sentiment
Other prominent figures in the trading community are voicing similar expectations.
A trader known as BigMike7335 suggested on June 14 that a potential pullback to $92,000 could set the stage for a breakout to $270,000 by October.
This would reflect a typical second-wave corrective move within Elliott Wave theory, followed by a strong continuation of the trend.
Merlijn, another active trader, pointed to an inverse head-and-shoulders pattern on the three-day chart.
He believes a breakout from this formation could push BTC to $140,000 or more.
“Neckline at $113K is the only thing standing in the way,” he told his followers.
Warning Signs Still Present for Some
While bullish sentiment dominates the trading discourse, some are issuing reminders of the market’s inherent risks.
“The Bitcoin Standard” author Saifedean Ammous spoke candidly at the Bitcoin 2025 conference, warning that the asset’s history of sharp downturns cannot be ignored.
“I just hope my message out there to everybody in this business is, Bitcoin has done -70% and -80% before, and it can do it again,” he said during an appearance on the Coin Stories podcast.
Such comments serve as a cautionary note amid widespread optimism, particularly for new corporate buyers or institutions entering the market at current levels.
With Bitcoin hovering near previous all-time highs, comparisons to the 2021 cycle peak have begun to circulate, prompting some to consider downside risks more seriously.
Conclusion
Despite concerns from a few corners of the market, the broader narrative among analysts and traders remains centered around significant further upside.
Technical patterns, historical comparisons, and sentiment indicators continue to paint a picture of strength as Bitcoin prepares for another phase of price discovery.
Bitcoin is under renewed pressure as markets respond to the latest developments in the US-China trade deal.
The proposed tariffs—now reportedly at 55%—are raising concerns among traders and economists, putting Bitcoin’s stability under the microscope just as it consolidates below all-time highs.
Keith Alan, co-founder of Material Indicators, suggests that these geopolitical tensions may be more influential on Bitcoin’s short-term price than recent macroeconomic data, such as the CPI inflation report.
Tariffs Seen as Major Economic Headwind
“Despite having a relatively positive economic report, and news that we almost have a trade deal with China, TradFi and Crypto Markets were slightly down on Wednesday,” Alan wrote on X.
He pointed to the sudden jump in tariffs from 30% to 55% as a likely driver of uncertainty.
“55% is going to be felt throughout every aspect of the U.S. economy and it isn’t going to feel good,” he added.
Liquidity Data Offers Some Optimism
Despite the pressure, Alan remains cautiously optimistic.
He reviewed order book data from Material Indicators’ proprietary FireCharts tool and found significant ask liquidity from $111,000 to $120,000.
This data, paired with less bid liquidity below the current price, suggests bullish market structure remains intact.
“TLDR: When in doubt, zoom out,” he advised, indicating that broader patterns are still favorable.
Yearly Open Emerges as Key Support Level
Alan identified the 2025 yearly open as a critical technical level for Bitcoin to maintain.
“Support at the 2025 Yearly Open is my line in the sand,” he stated, implying that any move below this level would challenge bullish sentiment.
Despite the lack of strong bids, he does not expect the market to sharply decline in the near term.
“Support tests are healthy,” Alan said, showing confidence that the price structure will hold.
$100,000 Psychological Level Remains Crucial
Analysts across the market are now closely watching the $100,000 price level.
This threshold has become a key psychological support, with potential long-term implications if it fails to hold.
Alan, who has previously highlighted this level, reiterated its importance.
“As I stated back in December when Bitcoin first started flirting with $100k, it will be important to see some consolidation above $100k with no wicks below to validate the R/S Flip,” he noted.
Preparing for the Bear Market Ahead
Beyond the current rally, analysts are considering how these support levels might serve Bitcoin in the next downtrend.
Alan emphasized the role of $100,000 as a foundational level that could help structure future price floors during less bullish periods.
“More importantly, this will build some structural support that could come into focus during the next bear market,” he said.
Bitcoin at a Crossroads
With the market digesting both macroeconomic data and trade-related uncertainty, Bitcoin’s future in the short term may hinge on its ability to hold $100,000.
For now, bulls are defending that ground, with eyes on key liquidity zones and technical levels as the next chapter unfolds.
Ukrainian lawmakers have submitted a draft bill that would allow the National Bank of Ukraine (NBU) to include cryptocurrencies like Bitcoin in its official reserves.
The proposal was introduced as bill number 13356 in the Verkhovna Rada this Tuesday.
It seeks to amend the law “On the National Bank of Ukraine” by authorizing the central bank to hold crypto assets alongside gold and foreign currencies.
Discretionary Power for the Central Bank
Unlike mandatory reserve requirements, this draft bill gives the NBU full discretion over crypto holdings.
According to MP Yaroslav Zhelezniak, the bill neither compels nor directs the bank to invest in Bitcoin or other crypto assets.
“How, when and how much should be the decision of the regulator itself,” Zhelezniak said on his Telegram channel.
A Move to Strengthen Economic Stability
Lawmakers behind the bill argue that managing crypto reserves could bolster Ukraine’s macroeconomic stability.
It would also support the development of the nation’s digital economy.
“Proper management of crypto reserves will help strengthen macroeconomic stability and create new opportunities for the development of the digital economy,” Zhelezniak posted on Telegram.
Industry Involvement in Drafting
The draft bill received input from notable stakeholders.
Early in the week, Zhelezniak appeared in a video with Kyrylo Khomiakov, Binance’s regional head for Central & Eastern European and Central Asian countries.
Khomiakov was one of the bill’s contributors, following reports that Binance advises several governments on establishing crypto reserves.
Legal experts were also involved.
Co‑author Petr Bilyk, head of AI practice at Juscutum Legal Engineering and a member of Ukraine’s AI expert committee, helped draft the legislation.
A Thoughtful, not Rushed, Initiative
Zhelezniak emphasized this isn’t an aggressive push by Kyiv to adopt crypto.
Rather, it is a strategic move to avoid being left behind as global interest in digital asset reserves grows.
“This story has the right to life, and, as we see, many countries are implementing it,” he said, citing experiments by the U.S., El Salvador, and others.
The draft follows earlier reports that Ukraine is nearing final stages of crafting a bill on state crypto reserves.
This development comes amid ongoing discussions about peace with Russia, suggesting Ukraine is preparing financially for post-war stability.
What Comes Next
Broad parliamentary review and debate are expected before the bill advances.
If approved, Ukraine would join a small but growing group of nations exploring digital assets as part of sovereign reserves.
Observers will be watching how the NBU responds, and whether reserve allocations will remain symbolic or evolve into meaningful financial strategies.
Ukraine’s willingness to explore this frontier reflects an appetite for financial innovation, while also recognizing the need for careful oversight.
Americans are returning to Bitcoin in force this year, as indicated by the Coinbase Premium reaching its highest level since February.
This metric, showing the price gap between Coinbase’s BTC/USD and Binance’s BTC/USDT quotes, is a popular proxy for gauging U.S. retail buyer appetite.
On Friday, the Coinbase Premium touched $109.55—its largest spread since February 3.
Earlier this week, CryptoQuant contributor “Crypto Dan” in a Quicktake update described the pattern as characteristic of early-cycle recovery after correction, without signs of overheating.
This suggested continued bullish momentum into the second half of 2025.
Simultaneously, institutional interest appears to be rebounding. U.S. spot Bitcoin ETFs, especially BlackRock’s iShares Bitcoin Trust (IBIT), are drawing significant inflows and currently lead in assets under management.
CryptoQuant also highlighted a notable decline in on‑chain BTC reserves on exchanges. Since July 2024, over 500,000 coins have exited spot exchange holdings.
Baykuş, another CryptoQuant contributor, noted this trend is no accident.
“People aren’t selling—they’re holding. They’re not day trading, they’re holding for the long term.”
He framed this movement as a hidden foundation supporting the current rally toward $110,000.
Taken together, increasing retail premiums on Coinbase, strengthening institutional inflows into ETFs, and dwindling exchange supply paint a bullish outlook for Bitcoin’s price.
If these trends persist, analysts predict sustained momentum through mid‑2025 and possibly beyond.
Strategy, led by executive chairman Michael Saylor, is once again signaling a deepening commitment to Bitcoin.
Saylor posted “Send more Orange” on X on June 8 — a phrase often followed by the company’s Bitcoin acquisition announcements.
If the pattern holds, this could mark Strategy’s ninth consecutive week of BTC purchases.
The post follows closely after Strategy added 705 BTC between May 26 and June 1, spending around $75 million at an average of $106,495 per coin.
That brings the firm’s total holdings to 580,955 BTC, valued at about $61.4 billion.
According to SaylorTracker, the company is currently up nearly 50% on its investment, translating to an unrealized profit of roughly $20.6 billion.
$1 Billion Stock Offering Fuels Bitcoin Strategy
Saylor’s cryptic post coincides with Strategy’s announcement of a massive $1 billion stock offering, a sharp increase from the previously planned $250 million raise.
The firm aims to use the capital to fund further Bitcoin acquisitions and for general corporate expenses.
The offering involves 11.76 million shares of a new 10% Series A Perpetual Stride Preferred Stock, priced at $85 per share.
After deducting underwriting and other fees, Strategy expects net proceeds of approximately $979 million.
Unlike its earlier funding rounds, the new stock provides non-cumulative 10% dividends — a move designed to appeal to yield-seeking institutional investors.
This funding structure enables the company to continue its Bitcoin strategy while offering more predictable returns to shareholders.
Largest Institutional Bitcoin Holder
Data from Bitcoin Treasuries shows that Strategy now holds more Bitcoin than any other publicly known entity — including governments like the United States and China.
Its holdings are nearly twelve times larger than the next biggest corporate holder, Bitcoin miner Mara Holdings.
As a result, many investors increasingly view Strategy not just as a business, but as a vehicle for Bitcoin exposure.
With Saylor continuing to tease new purchases, the company shows no signs of slowing down.
Bitcoin held firm near $105,500 on June 8, signaling that its recent corrective phase may be nearing an end.
The move followed a dip to $100,500 on June 5, but BTC/USD has since staged a steady recovery, nearing its weekly open.
Bullish Momentum Reappears
Popular analyst Rekt Capital noted signs of strength on the daily chart.
“On the Daily timeframe, Bitcoin is showcasing signs of breaking its two-week Downtrend… while also turning it into support earlier today,” he said on X.
He added that a daily close and retest around $106,600 would solidify a bullish continuation.
Other traders, like SuperBro, also pointed to Bitcoin closing above its 10-day simple moving average as a positive sign.
That metric, according to SuperBro, helps invalidate bearish scenarios.
Liquidity Signals Suggest Imminent Volatility
Trader Cas Abbe examined order book liquidity and observed building pressure both above and below spot price.
He suggested this setup could lead to a “magnet-style” price move.
“BTC liquidation cluster is now signalling an upside move,” he said.
Abbe noted that a 10% price increase could liquidate $15.11 billion in shorts, while a 10% drop would impact $9.58 billion in longs.
He also pointed to negative funding rates as evidence of mounting short positions.
“I think BTC big move is coming next week, possibly pushing it above $109K–$110K,” he predicted.
Key Support Levels Remain in Focus
Some analysts are still preparing for a possible retest of lower support zones.
Trader CrypNuevo said $100,000 remains a strong psychological support.
“100k is the strongest psychological support… it’s the area where I’m building some longs with easy invalidation below it,” he explained.
Rekt Capital Eyes Weekly Close Importance
Rekt Capital also highlighted the importance of Bitcoin holding above $104,400 for a fourth consecutive weekly close.
He described the retest following May’s all-time highs as “successful,” adding further weight to bullish sentiment.
With market conditions showing renewed strength, all eyes are now on the next move as Bitcoin sits on the edge of a potential breakout.
U.S.-listed spot Bitcoin exchange-traded funds (ETFs) saw a sharp return to outflows on June 5, shedding $278 million, according to data from SoSoValue.
The negative momentum followed a brief two-day recovery and came amid growing unease in financial markets, sparked by a high-profile feud between former President Donald Trump and Tesla CEO Elon Musk.
Sentiment Takes a Hit
Market sentiment took a decisive turn as the Cryptocurrency Fear & Greed Index dropped from “Greed” to “Fear” on June 6.
This shift came after tensions escalated between Trump and Musk through a series of social media exchanges, damaging what had been perceived as a close relationship.
The feud also had ripple effects beyond the crypto sector.
Shares of Tesla fell 14%, while Trump Media dropped 8%, according to TradingView data.
Persistent ETF Struggles
The June 5 outflows came after U.S. spot Bitcoin ETFs recorded a $1.2 billion outflow between May 29 and June 2, also driven by cooling sentiment.
Although June 3 and 4 showed brief signs of recovery, the pullback resumed forcefully.
SoSoValue noted that ARK Invest’s ARK 21Shares Bitcoin ETF (ARKB) led the retreat, seeing $102 million in withdrawals on June 5.
Notably, none of the Bitcoin ETFs registered inflows that day.
Global Trends and Ether Inflows
Over the past week, global Bitcoin exchange-traded products experienced $8 million in outflows.
In contrast, Ethereum-based products (ETPs) saw significantly better investor interest.
Spot Ether ETFs attracted $11.3 million in inflows on June 5, continuing a 14-day streak.
However, these figures declined compared to the $56.9 million added on June 4 and $109.4 million on June 3.
Ethereum Gains Institutional Traction
Ether products are benefiting from stronger network fundamentals and sustained interest in futures markets.
BlackRock, the world’s largest crypto ETF issuer, recently added $50 million worth of Ether to its portfolio on June 3, according to Arkham, a blockchain analytics firm.
As uncertainty surrounding Bitcoin ETFs grows, Ethereum appears to be consolidating its position as a more stable alternative for now.
Bitcoin’s presence on cryptocurrency exchanges has dropped to its lowest level in nearly seven years, falling below 11% of total supply for the first time since March 2018.
This trend, revealed in new Glassnode data, points to a rising preference for long-term holding and institutional custody.
HODLers Show Long-Term Conviction
The decline from a 17.2% peak in March 2020 suggests a shift in investor behavior.
Over 1.26 million BTC, or about 6% of the total supply, has moved away from exchanges during that time.
According to CryptoQuant, the Exchange Flows to Network Activity Ratio has reached its lowest level since early 2023.
This indicates that even as Bitcoin prices climb, fewer coins are being deposited on trading platforms.
The current 30-day moving average of the ratio sits at around 1.2—well below its 365-day average and nearing -1 standard deviation.
Such levels often signal strong holding sentiment and a reduced willingness to sell.
Rise of Institutional Custodians
Much of Bitcoin’s migration away from exchanges is being driven by institutional players favoring third-party custody over public platforms.
Firms like BlackRock, Fidelity, and Franklin Templeton are now using platforms like Coinbase Prime, which reported $212 billion in assets under custody in Q1 2025.
Meanwhile, Coinbase’s exchange recorded over $500 million in BTC outflows during the same period, with another $761 million in withdrawals on June 5.
Spot Bitcoin ETFs are also absorbing large amounts of BTC.
As of June 5, ETF holdings had ballooned to $44.54 billion, up from just $1 billion at their launch in January 2024.
Trust in Exchanges Falters Post-FTX
The collapse of FTX in late 2022 appears to have triggered a long-lasting erosion of trust in centralized exchanges.
Glassnode data shows consistent outflows from November 2022 to May 2023, including several weeks with more than 10,000 BTC withdrawn.
In total, more than 200,000 BTC left exchanges during that six-month stretch.
This indicates a lasting shift toward self-custody and alternative trading platforms.
A 2025 joint survey by Coinbase and EY-Parthenon found that 83% of institutional investors plan to increase their crypto exposure, with nearly 60% allocating over 5% of assets under management to digital assets.
Standard Chartered estimates that 61 public companies already control more than 3% of the total 21 million BTC supply.
With growing confidence in self-custody and institutional infrastructure, exchange balances may continue to decline—even as Bitcoin aims for new highs.