BlackRock Spot ETF Buying Rebounds with $273M Inflow as Average Buyer Sits 22% Underwater
BlackRock clients snapped up $273 million in Bitcoin over two days, effectively carrying the entire US spot ETF market on its back. The rebound comes even as the average spot ETF investor sits roughly 22 percent underwater from their entry. Accumulation at these discounted levels shows institutional conviction remains intact despite recent market pain.
BlackRock is single-handedly propping up institutional Bitcoin flows. Across four recent sessions, the iShares Bitcoin Trust pulled in over $209 million in net creations, outpacing the entire 13-fund ETF complex, which took in $203 million as competitor funds experienced net redemptions.
This capital rebound follows a turbulent stretch that saw spot ETF holdings drain during June. On-chain data confirms BlackRock authorized participants reversed early-week selling to aggressively absorb supply as prices hovered near $63,000.
The buying comes against a stark backdrop for ETF investors. Bloomberg Intelligence data reveals the aggregate cost basis for all US spot Bitcoin ETF buyers sits near $82,000, leaving the average holder down roughly 22% on paper. Yet, institutional desks are treating this discount as an entry zone rather than a reason to exit.