BlackRock’s IBIT May Be Driving Bitcoin Momentum as U.S. Spot ETFs Reach 6.6% of Supply

• IBIT led daily ETF inflows and held 3.84% of circulating Bitcoin.

• Total U.S. spot Bitcoin ETFs now hold ~6.6% of supply, strengthening bid-side pressure.

• Options Open Interest Delta hit $10.65B with IBIT controlling ~95% of that delta.

BlackRock IBIT drives Bitcoin momentum — see ETF flows and options data; read analysis and key takeaways for investors. Learn more.

How is BlackRock’s IBIT driving Bitcoin’s momentum?

BlackRock’s IBIT is the largest driver of institutional Bitcoin demand, contributing the biggest share of daily spot ETF inflows and controlling a disproportionate share of options open interest. This concentration has pushed ETF holdings to roughly 6.6% of circulating BTC and reinforced bullish price pressure.

What do ETF inflows and options activity reveal about institutional demand?

ETF inflows show steady accumulation: U.S. spot Bitcoin ETFs recorded $429.96 million in 24-hour inflows, with IBIT contributing $199.43 million. Options metrics are equally telling — Total Open Interest Delta reached $10.65 billion and the Call/Put Ratio climbed to 4.4, indicating heavy bullish positioning.

A closer look showed that IBIT could impact Bitcoin more.

Source: Eric Balchunas/ X

IBIT options volume surges — what does the derivatives market show?

The options market displayed a pronounced bullish tilt. Total Open Interest Delta reached $10.65 billion at press time, with the Call/Put Ratio near 4.4 — more than four times neutral — signaling that calls far outnumber puts.

IBIT controlled over 95% of this Open Interest Delta, valued near $10.45 billion. By comparison, Grayscale’s exposure stood close to $200 million, according to SosoValue.

Source: SosoValue

Why does IBIT’s ETF dominance matter for price discovery?

IBIT accounted for more than 50% of the U.S. spot Bitcoin ETF market and represented 3.84% of the circulating Bitcoin supply. High concentration in a single product can magnify price moves as large inflows require executing through underlying markets.

Bloomberg analyst Eric Balchunas described the scale as unprecedented, noting that an equity ETF would need roughly $2.2 trillion to match similar ownership of its underlying assets for comparison.

In the past 24 hours, U.S. spot Bitcoin ETFs recorded $429.96 million in inflows, with IBIT contributing $199.43 million. That reinforced its role as the leading driver of institutional demand.

Source: SosoValue

When could broader market data confirm sustained upside?

CryptoQuant data showed the Funds Market Premium flipped positive at a 0.24 reading, reflecting stronger bid pressure. Total ETF holdings hovered near 1.3 million BTC, and daily trading volume topped $4.6 billion.

At press time, Bitcoin traded near $116,228, with $120,000 within reach if momentum persisted and ETF-driven bids continued to absorb available supply.

Source: CryptoQuant

Frequently Asked Questions

How much of Bitcoin does IBIT hold?

IBIT holds approximately 3.84% of circulating Bitcoin, making it the single largest institutional holder among U.S. spot ETFs and a material force in price formation.

Are ETF inflows driving the current rally?

ETF inflows are a major contributor: U.S. spot Bitcoin ETFs added roughly $430 million in 24 hours, and institutional products like IBIT are absorbing available supply and supporting higher bids.

What do options metrics imply about near-term risk?

A high Call/Put Ratio (about 4.4) and elevated Open Interest Delta ($10.65B) indicate strong bullish bets; however, concentrated positioning can increase short-term volatility on any surprise flows or option expiries.

Key Takeaways

• IBIT dominance: IBIT led inflows and controls a disproportionate share of ETF and options exposure.
• Institutional accumulation: U.S. spot ETFs now represent ~6.6% of supply, with combined institutional holdings adding to price support.
• Watch derivatives: Options Open Interest Delta and Call/Put ratios signal bullish sentiment but raise volatility risk around expiries.

Conclusion

BlackRock’s IBIT has become a central force in Bitcoin’s current move, combining large ETF inflows with dominant options exposure to concentrate institutional demand. Market indicators from CryptoQuant and SosoValue suggest a supportive backdrop, though concentrated positioning can amplify short-term moves. Monitor inflows and derivatives data for confirmation of sustained upside.