BlackRock Becomes Largest Bitcoin Holder Since Satoshi Nakamoto
BlackRock's US-based spot BTC ETF continues to reshape the crypto market. In May 2025, the iShares Bitcoin Trust (IBIT) overtook Coinbase in terms of reserves for the first time. By the end of August, the gap had widened: BlackRock now holds about 781,160 BTC, compared to Coinbase's 703,110 BTC and Binance's 558,070 BTC. This cemented the fund's status as the largest known custodian of coins since Satoshi Nakamoto.
The market perceives this result as an indicator of Bitcoin's institutional maturity. Unlike exchange wallets, where assets can be quickly moved into trading, coins in ETFs are most often withdrawn from circulation. This effect creates an additional supply deficit and can serve as a factor in sustainable price support.
Experts note that the growth of IBIT indicators reflects a shift in interest from retail accumulation on exchanges to regulated institutional instruments. Investments in the fund provide not only liquidity, but also clarity in terms of supervision and legal regulations. This reduces risks for large investors who have avoided direct interaction with cryptocurrency platforms.
For centralized exchanges, the shift has also presented a challenge. Coinbase and Binance have traditionally served as the primary storage locations for significant volumes of BTC. But as institutional demand and trust in ETFs grows, their role as long-term storage is weakening. Trading platforms are being forced to adapt, beefing up their trading and derivatives services.
On the other hand, experts warn of the risk of centralization. The concentration of almost 800 thousand BTC in the hands of one institutional participant increases the influence of Wall Street on the market. This raises questions about the balance between decentralization and infrastructure security. The fact of the “custodial flippening” is perceived as a major milestone in the history of Bitcoin.
Source: cryptonews.net
