BlackRock Snaps Up $1B in Bitcoin While Grayscale Dumps

BlackRock’s iShares Bitcoin Trust (IBIT) ETF has purchased a massive $1.08 billion worth of BTC, on-chain reporting firm Arkham shows. The accumulation occurred over the last 20 days and shows strong buying from one of the largest holders of the premier cryptocurrency in the last 3 weeks. 

IBIT now holds roughly 785,900 BTC, valued at about $61 billion at press time, when BTC is priced just above $77.5k. BlackRock’s overall crypto holdings exceed $66 billion, as the fund also holds additional Ethereum and smaller altcoin holdings. However, BTC remains the ETF’s primary focus. The recent acquisitions largely came through Coinbase Prime, a popular choice for institutional players. 

Arkham tweeted:

Grayscale Bleeds Funds

However, not all ETFs saw major inflows, as Grayscale GBTC posted net outflows. The main reason for the preference for IBIT could be its 0.25% annual ETF fee compared to Grayscale’s higher 1.5% alternative. The latter will need to step up its game in the ETF space, even though it is a much older brand in Bitcoin custodial services, having offered services even before ETFs were approved by the U.S. Securities and Exchange Commission (SEC). 

American spot Bitcoin ETFs collectively hold more than 1.2 million BTC ($92 billion), representing more than 6% of the entire supply. However, analysts believe that these major funds will have an even bigger role to play in the future. 

Here is the BTC ETF Flow:

The last few days have seen some outflows, but the inflow trend is relatively strong and likely to hold, barring a major market meltdown.

A Strong End to the 3rd Quarter Expected

Overall, 2026 has been a mixed year for the ETF market. While major funds’ overall holdings have taken a hit during the calendar year, the market has also recovered at times, especially amid a healthy increase in the underlying asset’s valuation. 

As we head toward the end of September, which marks the culmination of the 3rd quarter, the market has a positive vibe, and that could carry into the last quarter. October, a traditionally bullish month for the major cryptocurrency, is right around the corner, but investors are likely to be cautious this time around after last year’s bearish bloodbath, which saw the highest levels of long liquidation in crypto history.