- BlackRock’s iShares Bitcoin Trust (IBIT) has just crossed 700k BTC, strengthening its dominance within the US spot Exchange Traded Funds (ETF) ecosystem.
- An analyst has predicted that the bull market could soon end, and the bearish phase could be confirmed after the Bitcoin price takes a nosedive below the $86k level.
BlackRock’s Exchange Traded Fund (ETF) has officially reached 700,307 BTC ($75.5 billion) after recording a $164.6 million inflow on July 7. According to the information shared by the co-founder of ApolloSats Thomas Fahrer, the company added 1,388 BTC in two trading sessions to increase its holdings from 698,919 BTC.
BlackRock’s Dominance in the US Bitcoin ETF Space
Already, BlackRock’s IBIT dominates the US spot ETF space with a total share of 55%. Per our checks, a total return of 82.67% has been generated on the fund since its debut in January 2024. This revenue surpasses its S&P 500 fund and the iShares Core S&P 500 ETF.
Highlighting the influence of the entire US spot Bitcoin issuers alongside Michael Saylor’s MicroStrategy, Galaxy Research has disclosed that their monthly acquisition surpasses the total supply generated by miners. In 2025 alone, they have purchased $28.22 billion worth of BTC. Comparatively, the net issuance of Bitcoin miners is around $7.85 billion within the same period.
The gap is even expected to be wider as the US Securities and Exchange Commission (SEC) discloses that a new structure has been introduced to simplify the ETF approval process. According to them, companies that apply for ETF with the Commission can go ahead and list on an exchange when there is no objection. Under this structure, they would only be required to file the Form S-1 and wait for 75 days.
Bitcoin (BTC) Price Analysis
At the time of writing, Bitcoin was trading above a crucial support level of $108k. However, the asset was down by 0.45% in the last 24 hours. CoinMarketCap data shows that traders’ interest remains high as trading volume surges by 13% to $44 billion.
Multiple experts, including the CEO of Bitget, Gracy Chen, have predicted that Bitcoin could rise as high as $190k. As noted in our recent report, she believes that the lowest Bitcoin could go this cycle is $126k.
Meanwhile, an analyst identified as Benjamin Cowen has hinted that the bull cycle could peak soon and commence the extensive bearish phase. According to him, falling below the 50-week simple moving average (SMA) on the weekly time frame could mark the beginning of this. For now, he believes that this level is between $85,000 and $86,000.
The argument in this case is that as long as we’re above that [50-week SMA], then the structure of the market, the integrity of the cycle, is intact. And is there a chance we test it again in Q3? Absolutely. We tested it last Q3. We tested it almost basically in the third quarter before that.
Echoing a similar sentiment, analyst Rekt Capital has disclosed that the bull market could end in October 2025. As indicated in our recent blog post, he believes that history could repeat itself and the top could be witnessed in 550 days after the halving event.
In a recent update, CNF also highlighted that the digital asset research head at Standard Chartered, Geoff Kendrick, has confirmed the changes in dynamics due to augmented capital inflows. For this reason, the institution has revised its prediction from $200k to $135k. Meanwhile, BitMex CEO Arthur Hayes also believes that the fate of the market largely depends on the strength of the US Dollar, as highlighted in our recent blog post.
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