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Bitcoin Institutional Titans: Here’s How Binance And BlackRock Dominate The BTC Market

Bitcoin’s Institutional Titans: Here’s How Binance And BlackRock Dominate The BTC Market

Samuel Edyme
by Samuel Edyme
11 months ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The cryptocurrency market has witnessed a major evolution in recent years, with centralized exchanges and now recently spot Bitcoin exchange-traded funds (ETFs) playing a crucial role in driving adoption.

Among the participants helping to boost crypto adoption, the two key players leading this charge are Binance, the world’s largest cryptocurrency exchange, and BlackRock, with its spot Bitcoin ETF known as IBIT, according to the latest insight shared by a CryptoQuant analyst.

The analyst reveals their influence extends across trading volumes and institutional investment, making them central figures in the current Bitcoin market.

Related Reading: Crypto Funds Hit All-Time High Inflows of $29 Billion—Can This Growth Be Sustained?

Market Share And Institutional Presence

The CryptoQuant analyst Crazzyblockk highlighted Binance and BlackRock’s pivotal roles in a post on the CryptoQuant QuickTake platform.

According to Crazzyblockk, the emergence of spot Bitcoin ETFs, which began operations in January 2024, has further solidified Bitcoin’s role in mainstream finance.

Centralized exchanges and spot Bitcoin ETFs metric.
Centralized exchanges and spot Bitcoin ETFs metric. | Source: CryptoQuant

Among these, Binance stands out due to its dominance in spot BTC trading volume and vast BTC reserves, holding 623,000 BTC out of the 3.15 million BTC collectively held across all centralized exchanges.

In comparison, BlackRock’s IBIT ETF has become a leader in the ETF space, holding 434,000 BTC of 1 million BTC across all spot ETFs.

Furthermore, the CryptoQuant analyst noted that in terms of market share, Binance accounts for approximately 19.7% of the BTC reserves held across all exchanges, establishing its stronghold as a central player in global Bitcoin trading.

Meanwhile, BlackRock’s spot BTC ETF, trading under the ticker IBIT, has also emerged as a key institutional player. Holding over 43.4% of the total Bitcoin reserves across all spot ETFs, BlackRock’s presence signifies the growing institutional demand for Bitcoin exposure through regulated financial products.

Bitcoin Market Performance

Along with Binance and BlackRock’s role in the Bitcoin market, the asset has installed hope and confidence back into investors following its recent price performance.

So far, BTC has surged by more than 20% in the past two weeks and over 10% in the past 7 days bringing its price above $75,000. Particularly, the asset trades for $75,700, at the time of writing up by 1.8% in the past day.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 1-hour chart. Source: BTC/USDT on TradingView.com

This current market price marks a mere 0.7% decrease from its all-time high of $76,243 created yesterday. Interestingly, despite the asset still seeing a continuous uptick in price as of today, BTC’s daily trading volume appears to have cooled off.

Related Reading: Bitcoin Institutional Demand Is Rising – Crucial Data Reveals BTC Whales Keep Growing

Data from CoinGecko shows that this metric of BTC has seen a notable decline from more than $130 billion as of November 6 to a valuation below $70 billion as of today.

Featured image created with DALL-E, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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