finbold.com
BlackRock’s iShares Bitcoin Trust (IBIT) has accumulated Bitcoin ($BTC) worth more than $537 million in May.
At the beginning of May, BlackRock’s IBIT held about 810,000 $BTC, according to on-chain data from Arkham Intelligence, analyzed by Finbold on May 19. By the end of the first week of May, IBIT’s Bitcoin holdings surged to roughly 823,000 coins, an increase of 13,000 BTCs.
Over the subsequent day through Tuesday, BlackRock’s IBIT has trimmed its $BTC holdings by 6,000 coins to around 817,000 units at the time of reporting. On Monday, IBIT deposited 2,221 $BTC, valued at about $170.59 million, to Coinbase Prime, as Finbold reported.
During the past 24 hours, the fund deposited 5,847 $BTC, worth approximately $449 million, into Coinbase Prime. As such, BlackRock investors have shifted from the initial aggressive Bitcoin accumulation recorded earlier this month to notable distribution.
BlackRock investors accumulate Bitcoin despite unrealized losses
BlackRock investors have continued to net purchase Bitcoin in May despite the fund being in notable net unrealized losses. Since Bitcoin’s early price capitulation in February 2026, IBIT has remained in net unrealized losses, currently hovering at $7.9 billion.
With BlackRock’s investors recording net purchases in May despite the fund holding significant unrealized losses, this signals strong institutional conviction.
What’s next for $BTC price?
Bitcoin price has closely mirrored IBIT’s performance in May. The flagship coin recorded bullish sentiment in the first week of May, peaking slightly above $82,200, thus echoing BlackRock’s significant purchases.
However, as IBIT accelerated outflows over the past few days, $BTC price has turned bearish, dropping nearly 5% over the past seven days, trading at around $76,570 at the time of reporting. As such, if BlackRock’s investors accelerate sell-off in the coming days, $BTC price could drop further and vice versa.