The past few trading days have been challenging for the U.S. spot Bitcoin exchange-traded fund (ETF) market. However, one of them has successfully become the largest holder of bitcoin (BTC).
Market analytics platform CryptoQuant found that BlackRock’s iShares Bitcoin Trust (IBIT) just dethroned crypto exchanges to become the largest known BTC holder. It is safe to say that this feat has been long coming because IBIT has broken several records since its launch over a year ago.
IBIT Surpasses Exchanges in BTC Holdings
CryptoQuant tagged the latest feat “the great custodian flippening,” stating that the momentum began to build months after spot Bitcoin ETFs made their debut in the U.S. The bitcoin holdings for IBIT first surpassed the BTC reserves of the crypto exchange Coinbase in May 2025. Three months down the line, IBIT has expanded further, establishing its position as the largest known BTC holder.
The largest BTC holder remains Satoshi Nakamoto, the pseudonymous creator of the Bitcoin network. However, with Nakamoto’s identity being unknown, IBIT takes first place.
On-chain data shows that the bitcoin holdings for the BlackRock product have grown to approximately 781,160 BTC. Crypto industry giants like Coinbase and Binance now fall behind the ETF, with holdings sitting around 703,110 BTC and 558.070 BTC, respectively.
“This moment represents the maturation of Bitcoin into a mainstream institutional asset,” CryptoQuant stated.
Bitcoin ETFs on Outflow Streak
CryptoQuant highlighted several implications of BlackRock’s latest feat, including possible supply shock and institutional dominance. The market is witnessing a significant change in structure. The primary demand driver has also moved from retail-centric exchange accumulation to regulated, institutional-grade products.
The latest development could contribute to the deepening supply shock as BTC held by ETFs remains out of circulation, unlike exchange reserves, which are involved in active trading. With investors persistently buying BTC through IBIT, the market could witness a supply shock that would positively affect bitcoin’s price.
Additionally, IBIT BTC holdings dethroning exchange reserves suggests that investors are beginning to favor the regulatory clarity of ETFs for long-term purposes.
“This custodial flippening marks a new chapter for Bitcoin. While celebrating institutional validation, the community must monitor the centralizing effects of having such a large supply portion held by a few Wall Street giants,” CryptoQuant added.
Meanwhile, BlackRock’s feat comes despite consistent outflows from spot Bitcoin ETFs in recent times. The products have recorded over $1.17 billion in outflows over the last five trading days.
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