BlackRock's IBIT Hits 600K BTC Milestone as Institutional Giants Fuel Bitcoin Rally

The BTC market is witnessing an unprecedented institutional stampede with BlackRock’s iShares Bitcoin Trust (IBIT) crossing 600,000 BTC under management, potentially signaling a new chapter in the crypto asset’s maturation.

At the heart of this shift is an eight-day inflow streak that saw U.S. spot Bitcoin ETFs collectively absorb $3.9 billion into their holdings, according to FarSide data.

Institutional Juggernaut vs. Retail Retreat

According to insight from market intelligence platform Santiment, this sustained capital injection reflects a newfound investor confidence, emerging just as fears around global tariff uncertainty and geopolitical tension are starting to ease.

“Some traders may feel more relaxed now that the fear around new tariffs has calmed down. Others may be trying to ride the wave of crypto’s recent bounce back.” wrote Santiment analyst BrianQ.

One standout from the recent pattern is BlackRock’s IBIT. As stated in the report, liquidity, brand trust, and media saturation have converged to make it the preferred vehicle for institutions looking to gain BTC exposure.

On April 29 alone, it added 2,273 BTC worth nearly $217 million, pushing its total holdings to 601,209 BTC. It marked a symbolic and logistical milestone, cementing BlackRock’s position as the largest institutional Bitcoin holder, with the second-largest, Fidelity, at just under 200,000 BTC.

Still, despite the flood of institutional capital, Santiment’s report revealed a concerning trend: Bitcoin’s price is rising even though trading volumes are dropping, a classic bearish divergence that often foreshadows pullbacks.

This anomaly is particularly striking given Bitcoin’s surge to $95,066. Usually, such rallies are accompanied by swelling volumes, signaling widespread conviction. Instead, observers have noted that a narrow cohort of deep-pocketed investors has propped up the market, primarily ETF issuers and corporations like Strategy, while retailers remained sidelined.

Even though the ETF inflows mechanically increase demand since issuers must buy BTC to back shares, the fading volume suggests BTC’s recent rally lacks organic momentum.

“There’s a bit of a bearish divergence forming due to prices rising, but volume moving the opposite direction,” explained BrianQ. “This pattern usually suggests a rally might be getting weaker, since it’s not being supported by strong activity from traders.”

BTC’s Steady Climb

Nonetheless, Bitcoin is currently holding firm around $95,000 following a decisive breakout earlier in the month. Over the past 24 hours, it traded within a narrow band between $93,881 and $95,443, per data from CoinGecko.

On the weekly scale, the flagship cryptocurrency gained a modest 1.6%, which was enough to outpace the broader crypto market’s 1.3% rise in that period. Additionally, its 14-day and 30-day gains sit at 13.7% and 16.1% respectively, while remaining up more than 50% year-on-year.