On a Day When Some of the Biggest Names in Crypto ETFs - Fidelity, ARK and Grayscale - Showed Red Outflows

Some of the biggest names in crypto ETFs - Fidelity, ARK and Grayscale - showed red outflows on Wednesday, with new data confirming a triple-digit million outflow from these three giants alone.

However, while these firms were pulling back, another industry heavyweight - BlackRock - was making a move that may turn heads across the market. Data from LookonChain reveals a massive $970 million increase in BlackRock’s iShares Bitcoin Trust (IBIT) holdings.

As of Wednesday, Fidelity’s Wise Origin BTC (WBIT) displayed a net outflow of 917 BTC, ARK’s 21Shares Bitcoin ETF had a net outflow of 2,389 BTC, and Grayscale’s flagship Bitcoin ETF showed a minimal net outflow of 103 BTC.

Combining these figures, the total net outflow among these three major Bitcoin ETFs on Wednesday exceeded 3,400 BTC.

However, in a surprising turn of events, BlackRock's IBIT absorbed a staggering 10,249 BTC in a single day, equivalent to roughly $970 million at current prices.

With this addition, IBIT now holds nearly 599,000 BTC under management, making it the largest holder among U.S. spot Bitcoin ETFs.

What makes this move even more notable is BlackRock’s own wallet data. On-chain analysis shows the firm now holds 582,614 BTC directly, valued at over $55 billion.

That is in addition to its ETF assets, meaning BlackRock’s total exposure to Bitcoin is not only growing - it is dominating.

Let's be real, this is not BlackRock making a speculative bet. It is BlackRock fulfilling orders. Investors are buying IBIT - and BlackRock, by design, is buying the Bitcoin to match.

Still, In a space known for speculation, it is rare to see such an accumulation on a red day. BlackRock may be seeing what others are missing - or betting that the crowd is once again facing the wrong way.

Interestingly, the divergence is not just in Bitcoin. The Grayscale Ethereum Trust also showed a net outflow of 10,944, while iShares' ETHA ETF absorbed more than 37,000 ETH in a single day.