4E: BlackRock holdings break through 700,000 BTC, crypto ETF demand far exceeds miner supply

On July 9th, according to 4E observation, the IBIT Bitcoin spot ETF of BlackRock, the world's largest asset management company, received a net inflow of 165 million US dollars this week, and its position exceeded 700,000 BTC. The current market value is about 75.50 billion US dollars. The ETF has a total return of 82.67% since its establishment in early 2024, and currently accounts for more than 55% of all BTC spot ETF positions in the United States.
According to Galaxy Research, as of 2025, US institutions such as IBIT and MicroStrategy have purchased about $28.20 billion of bitcoin, while the new output of miners in the same period is only $7.85 billion, indicating that institutional demand continues to exceed the new supply on the chain, boosting the long-term fundamentals of BTC.
In addition, the attitude of regulators has also slowed down. The US Securities Supervision Commission (SEC) is studying to simplify the ETF approval process. It plans to uniformly apply for S-1 forms and set a 75-day review period, which will take effect automatically if there is no objection. Earlier this month, REX-Osprey launched the first Solana ETF with pledged income, marking the gradual expansion of ETF products to other crypto asset classes.
4E reminds investors that institutional position growth and regulatory easing signals are reshaping the market structure, and they need to continue to pay attention to the potential volatility caused by ETF fund dynamics and policy evolution.