BlackRock bought more Bitcoin (BTC) than any other exchange-traded fund (ETF) last week, with its iShares Bitcoin Trust (IBIT) recording around $612 million in net inflows.
The surge underscores the asset manager’s continued dominance in institutional demand for Bitcoin exposure, with the fund accounting for the bulk of ETF-driven buying activity during the period.
However, despite the renewed appetite, IBIT holders are still down approximately $12 billion in unrealized losses, with the average purchase price hovering near $89,000 according to fresh Arkham metrics, well above current market levels of nearly $71,000.
BlackRock still betting on Bitcoin
What the unrealized losses highlight is that, although fresh capital continues to flow into Bitcoin via large institutional investors, earlier buyers still remain under pressure amid ongoing price consolidation.
With firms like BlackRock maintaining long-term conviction and potentially averaging down their positions during the ongoing consolidation phase, the market dynamic represents a notable shift from previous crypto cycles, which were largely driven by retail speculation.
That is, the current market structure points to institutional capital absorbing supply at a steady pace, even as short-term sentiment seemingly remains fragile.
Looking ahead, market participants will likely be watching closely whether sustained ETF inflows can help stabilize ‘digital gold’ prices and drive a recovery toward key resistance levels.
BlackRock gears up for a Bitcoin yield ETF
BlackRock is also getting ready to launch a new income-focused fund, dubbed the Bitcoin Yield ETF (BITA), according to an S-1 filing submitted on April 1, 2026.
The proposed fund, which ETF analyst Eric Balchunas thinks could debut within weeks, is expected to build on the success of BlackRock’s spot Bitcoin ETF, which has drawn more than $50 billion in assets since it launched in January 2024.
Unlike traditional spot exposure, BITA is rather designed to generate income via strategies based on options commonly used in equity markets. This structure also reflects rising investor demand for yield-oriented crypto products beyond simple price appreciation.
According to the filing, BITA would hold a combination of Bitcoin, cash, and shares of IBIT, while using covered-call strategies and related indices to generate income. With this kind of approach, the fund would sell call options, giving buyers the right to purchase assets at a predetermined price in exchange for premiums collected by the ETF.
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