BlackRock's spot Bitcoin ETF holdings reach 780,000 coins, becoming a key driver for Bitcoin's surge to $97,000

In mid-January 2026, solely through its iShares Bitcoin Trust (IBIT), BlackRock purchased nearly 6,647 Bitcoins. This accumulation increased BlackRock’s total Bitcoin holdings to approximately 781,000 BTC, close to 4% of the total circulating supply of Bitcoin. Just a few days ago, on January 14, 2026, the single-day capital inflow into BlackRock’s Bitcoin ETF reached as high as $126.3 million. Moreover, in the three consecutive trading days prior, the US spot Bitcoin ETF attracted over $1.7 billion in capital inflows.

Institutional Whale

BlackRock’s latest moves are reshaping the structure of the Bitcoin market. According to recent data, in mid-January 2026, this global asset management giant increased its Bitcoin holdings by approximately 6,647 BTC through its IBIT ETF. This is not an investment using its own balance sheet but represents purchases made on behalf of its clients—including pension funds, asset managers, and other long-term institutional investors.

This accumulation has brought BlackRock’s total Bitcoin holdings to about 781,000 BTC, accounting for nearly 4% of the total circulating supply. This means that the amount of Bitcoin held by just BlackRock is enough to distribute one coin to each citizen of 39 medium-sized countries. The performance of BlackRock’s two main crypto ETFs is also noteworthy. According to the latest fund flow data, IBIT and ETHA recorded net inflows of $648.4 million and $81.6 million, respectively.

Market Reaction

These institutional actions are having a profound impact on the market’s supply and demand structure. As more Bitcoin is bought by institutions and transferred into secure offline custody, these Bitcoins are effectively leaving the liquid market, and the supply available for active trading is gradually decreasing. This “HODL” pattern has a dual effect on the market: on one hand, the tightening of available supply on exchanges may ease short-term selling pressure; on the other hand, despite the supply tightening, Bitcoin prices have not surged sharply.

According to Gate’s market data, as of January 19, 2026, Bitcoin’s price was $92,584.3, a slight correction of 2.55% over the past 24 hours, but still up 1.30% compared to 7 days ago. In the current market environment, the market sentiment index shows a “bullish” outlook, although Bitcoin’s price faces pressure near the $97,000 mark. This relatively stable price range indicates that ongoing institutional buying provides a bottom support for the market.

Liquidity Tightening

The continuous accumulation behavior of institutions like BlackRock is changing the structure of Bitcoin holdings. Data shows that within a short window in mid-January 2026, BlackRock transferred nearly $1 billion worth of crypto assets into custody. These custodial assets include approximately $878 million worth of 9,619 BTC and about $149 million worth of 46,851 ETH.

Unlike retail trading on traditional exchanges, once institutions purchase Bitcoin via spot Bitcoin ETFs, these assets are often locked in for the long term. This is closely related to Bitcoin’s supply characteristics: the total supply cap is 21 million coins, with a circulating supply of 19.97 million BTC. Based on the current institutional holding pattern, if major ETF issuers continue to accumulate Bitcoin at this rate, the supply of freely tradable Bitcoin will face further tightening.

Institutional Strategy

The crypto asset allocations of traditional financial institutions like BlackRock are not merely simple investments but part of strategic planning. Their operational approach differs fundamentally from retail investors. Institutional allocations are typically gradual, aiming to diversify portfolios and balance risk rather than reacting to short-term price fluctuations. They tend to build positions gradually over months or even years.

While institutional investors may adjust their Bitcoin holdings based on market prices, risk models, and client needs, these adjustments are usually strategic rebalancing rather than speculative market timing. BlackRock’s transfers of Bitcoin and Ethereum to Coinbase Prime may be related to managing their spot Bitcoin and Ethereum ETFs, involving wallet transfers or preparing for creation and redemption processes.

Supply and Demand Dynamics

Ongoing capital inflows into Bitcoin via ETFs are reshaping this asset class from both supply and demand sides. From the supply perspective, ETF-driven accumulation reduces the amount of Bitcoin available to daily traders and short-term speculators. Over time, this could reshape market structure, concentrating more Bitcoin in long-term vehicles such as funds and institutional portfolios. However, shrinking trading liquidity does not guarantee continuous price increases; market sentiment, macroeconomic conditions, and regulatory developments still play crucial roles.

The continued flow of ETF capital is an important future market indicator. If funds keep flowing steadily into ETF products, it indicates that large asset managers are continuously accumulating Bitcoin. Conversely, if the inflow into spot Bitcoin ETFs slows down, it may suggest some institutions are reassessing valuations or macro risks.

According to Gate’s market data, Bitcoin’s all-time high price reached $126,080, with a current market cap of $1.84 trillion, accounting for 56.42% of the market share. As of today, Bitcoin’s 24-hour trading volume is $609.1 million, with a 24-hour high of $95,521.8. As more Bitcoin is bought by institutions and transferred into long-term custody, the amount of Bitcoin available for trading will further decrease. This shift in supply and demand structure could have profound implications for Bitcoin’s long-term price trend. While short-term prices may fluctuate due to news events and macroeconomic factors, the continuous influx of institutional capital via ETF channels is building a more solid and resilient long-term foundation for the Bitcoin market.