The market share of BlackRock’s Bitcoin exchange-traded fund (ETF) has grown to over 50%, even as Bitcoin ETF issuers experience a broader sell-off.
BlackRock, the world’s largest asset manager, now holds over $56.8 billion worth of Bitcoin (BTC), accounting for 50.4% of the holdings of all US ETF issuers, which collectively manage over $112 billion, according to Dune data.
The milestone comes more than a year after the US spot Bitcoin ETFs first debuted for trading on Jan. 11, 2024.
Bitcoin ETF issuers, market share. Source: Dune
However, Bitcoin ETFs have been on a recent three-day selling streak, recording over $364 million worth of cumulative net outflows on Feb. 20, of which BlackRock’s iShares Bitcoin Trust ETF (IBIT) accounted for $112 million, Farside Investors data shows.
Bitcoin ETF flows, US dollar, million. Source: Farside Investors
ETF investments played a major role in Bitcoin’s 2024 rally, contributing approximately 75% of new investment as Bitcoin recaptured the $50,000 mark on Feb. 15.
Related: Bitcoin should be studied, not feared, says Czech central bank head
Bitcoin price withstands ETF outflows
Bitcoin staged a recovery above $99,300 on Feb. 21 but remains down nearly 3% on the monthly chart.
BTC/USD, 1-month chart. Source: Cointelegraph
Despite increasing ETF outflows, Bitcoin’s price has remained resilient, suggesting that ETFs are not the primary driver of market movements, according to Marcin Kazmierczak, co-founder and chief operating officer of RedStone. Kazmierczak told Cointelegraph:
“This indicates that other forces — such as broader market liquidity, institutional accumulation, or macroeconomic trends — are also at play.”
Related: 24% of top 200 cryptos at 1-year low as analysts eye market capitulation
Still, some industry leaders are concerned about Bitcoin’s price action, which has been range-bound for over two months.
BTC/USD, 1-day chart. Source: Cointelegraph/TradingView
Bitcoin’s price action may be manufactured, based on the trajectory of the past months, according to Samson Mow, CEO of Jan3 and founder of Pixelmatic.
“It seems like it’s some sort of price…
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