CryptoOnchain2025-10-10

Divergent ETF Flows: BlackRock’s Accumulation Absorbs Concentrated Selling Pressure

Recent data from Spot Bitcoin ETFs reveals a clear shift towards net accumulation, providing significant support for the current price structure. However, this trend is not uniform across all funds. It is primarily driven by one dominant player, which is currently absorbing selling pressure originating from a few specific sources. The main engine behind this accumulation is undoubtedly BlackRock’s iShares ETF ($IBIT). As the charts illustrate, its consistent, large-scale positive inflows represent sustained institutional demand, acting as the market’s primary “shock absorber” and soaking up sell-side liquidity. On the other side of the ledger, the selling pressure is concentrated, not widespread. Specifically, Invesco recently recorded a notably large single-day outflow, injecting significant supply into the market. This selling is compounded by the ongoing, albeit moderating, daily outflows from Grayscale ($GBTC). Meanwhile, other major funds like Fidelity ($FBTC) are exhibiting a more neutral and mixed pattern of inflows and outflows, suggesting portfolio rebalancing rather than outright directional selling. Conclusion: The market’s current stability and upward momentum are heavily dependent on the delicate balance between BlackRock’s immense buying power and the targeted selling from specific entities like Invesco and Grayscale. The sustainability of large inflows into the iShares ETF remains the most critical on-chain metric to monitor. Any significant slowdown in its accumulation rate, while selling from other sources persists, could swiftly shift the market equilibrium against buyers.