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On-chain data and analytics provider CryptoQuant revealed that BlackRock’s iShares Bitcoin Trust (IBIT) hit a major milestone.
According to CryptoQuant, BlackRock’s iShares Bitcoin Trust has officially overthrown crypto exchanges to become the largest Bitcoin (BTC) holder.
BlackRock IBIT Leads Exchanges in Bitcoin Holdings
BlackRock has cemented its leading position in the Bitcoin market by surpassing major exchanges like Coinbase and Binance in BTC holdings.
This year’s growth trend in IBIT peaked in May 2025, when the ETF first surpassed Coinbase’s BTC reserves.
Now, this gap has widened with IBIT becoming the largest known custodian of Bitcoin, second only to Satoshi Nakamoto.
BlackRock began actively buying BTC in January 2024, following the launch of the spot Bitcoin exchange-traded funds (ETFs).
As of August 22, 2025, IBIT holds approximately 781,160 BTC, valued at over $90.6 billion based on the current market price.
Notably, IBIT’s BTC holdings represent almost 5% of the total Bitcoin supply, capped at 21 million.
With its total 781,160 BTC holdings, IBIT has eclipsed the reserves of industry giants Coinbase and Binance. The latter holds approximately 703,110 BTC, while Binance has amassed about 558,007 BTC.
This accumulation trend represents the maturation of Bitcoin into a mainstream institutional asset. Additionally, the rising inflows into BlackRock’s ETF suggest a shift toward institutional custody rather than retail adoption.
This flipping suggests investors perceive ETFs as a safer option for long-term custody. Thus, it challenges the role of exchanges as the primary vaults of the ecosystem.
It also raises concerns about a potential supply shock. Unlike exchange reserves, which facilitate active trading, BTC held in ETFs is largely removed from liquid circulation.
More Growth in the Spot Bitcoin BlackRock ETF Market
The 11-spot Bitcoin ETFs have since passed $100 billion in assets under management, with BlackRock and Fidelity being the biggest contributors.
BlackRock IBIT contributes $83.91 billion, while FBTC from Fidelity accounts for $35.55 billion.
Collectively, the funds now own more than 1.1 million BTC coins, equivalent to about 5% of all the Bitcoin in existence.
Despite these achievements, the BTC ETFs have faced persistent outflows over the past few days. According to Farside Investors data, the BTC ETFs experienced five consecutive days of outflows since August 15.
Specifically, outflows from the BTC ETFs on Thursday, August 21, amounted to $194.4 million.
The largest outflows came from IBIT, which amounted to $127.5 million, followed by Ark Invest’s ARKB with $43.3 million.
Bitcoin Price Outlook
Meanwhile, the outflows from the spot ETFs coincide with a downtrend in the price of BTC over the past few days.
The price of BTC dropped to as low as $112,150 in today’s trading session. However, as of this writing, the BTC market appears to be showing signs of recovery.
Within the past 24 hours, the BTC price has jumped 3.4% to $116,140. The trading volume also surged 29.4% to $77 billion within the same period, indicating a renewed investor interest.
Note that the jump in BTC price follows comments from Federal Reserve Chair Jerome Powell in the Jackson Hole Symposium. During his speech, the Fed Chair hinted at a possible rate cut in September.
Analysts highlighted a bullish divergence while analyzing the BTC price with oversold RSI on the four- and six-hour charts. They added that similar patterns may be forming on the twelve-hour and daily charts.
This is important because $112,000 has consistently acted as a strong support level for days. Many believe BTC could witness another rise if the level holds. However, the market could see more pressure if it fails.
