BlackRock, the world's largest asset manager, has significantly increased its Bitcoin holdings, acquiring a total of 9,615 BTC worth approximately $635 million over three consecutive days. The latest transaction, reported on February 28, 2026, involved 4,082 BTC valued at $269.41 million, sourced from institutional brokerage platform Coinbase Prime.
On-chain data from Arkham Intelligence and Lookonchain confirms this aggressive accumulation streak. The transfers are linked to BlackRock's spot Bitcoin exchange-traded fund (ETF) operations, where share creations necessitate the purchase and custody of the underlying asset. "BlackRock has been accumulating $BTC for 3 straight days, with a total net inflow of 9,615 $BTC($635M)," reported Lookonchain.
This sustained institutional buying occurs despite a reported $32.99 million outflow from BlackRock's ETF during the same period, a standard part of fund operations involving share redemptions. The net flow remained strongly positive, underscoring robust demand for the regulated investment product.
Concurrently, blockchain analytics reveal contrasting market behavior. Data indicates that 23,300 BTC moved to exchanges at a loss, with the Spent Output Profit Ratio (SOPR) at 0.9, signaling coins were sold below their purchase price. Analysts note that sellers were primarily those who bought above $72,000, while long-term holders with cost bases below $50,000 showed minimal distribution. "Weak hands provide liquidity, strong hands take it," commented analyst aixbt, highlighting the dynamic where institutional accumulation absorbs supply from short-term sellers.
Adding to the bullish backdrop, Santiment data indicates Bitcoin is nearing a milestone of 20,000 wallets holding 100 BTC or more. This growth in large holder addresses typically aligns with broader accumulation phases, where whales absorb supply from retail investors.
BlackRock's actions, facilitated by its key custody partner Coinbase Prime, are seen as a powerful signal of Bitcoin's evolution from a speculative asset to a strategic holding for major institutions. This aggressive adoption is anticipated to reshape broader market dynamics in the near term.
