BlackRock increased its Bitcoin exposure by nearly $900 million during the first week of January, rebuilding positions after trimming holdings toward the end of 2025. Onchain data indicates the asset manager added close to 9,000 BTC over several days, bringing its total holdings to roughly 780,400 BTC, valued at about $70 billion. The move comes after BlackRock’s Bitcoin exposure peaked in late November before declining during the fourth-quarter market correction.
The renewed accumulation coincides with a marked slowdown in long-term Bitcoin selling. Exchange inflow Coin Days Destroyed (CDD) data shows long-held coins moving onto exchanges at their lowest rate since 2017, even as Bitcoin continues to trade near historically elevated levels. This suggests that older wallet cohorts are choosing to hold rather than distribute, reducing structural sell pressure following the recent drawdown.
Institutional Positioning and Onchain Signals
From a market structure perspective, long-term holder supply stabilized after declining sharply through mid-2025. While supply fell from over 15 million BTC in July to around 13.6 million BTC by November, it has since flattened, indicating that the wave of long-term distribution may have largely passed. This stabilization aligns with broader institutional behavior that favors gradual re-entry after periods of volatility rather than aggressive dip-buying.
Additional onchain indicators support this interpretation. The Spent Output Profit Ratio shows recent buyers selling at losses, while long-term holders remain largely inactive and profitable. Historically, this pattern has accompanied market reset phases in which speculative excess is cleared, and ownership consolidates among higher-conviction holders.
Macro Context and Competitive Dynamics
The developments unfold against a macro backdrop of easing financial conditions expectations, and sustained institutional interest in regulated Bitcoin exposure. Asset managers continue to compete for market share in spot Bitcoin products, making incremental accumulation by large players such as BlackRock closely watched by both institutional and retail participants.
Bitcoin’s Net Unrealized Profit and Loss metric currently sits near levels associated with early recovery phases rather than cycle peaks. While this does not imply an imminent breakout, it suggests a transition toward more balanced market conditions. Taken together, declining long-term selling and renewed institutional accumulation point to a market that may be stabilizing after the Q4 correction, though confirmation will depend on sustained demand and broader risk sentiment.