BlackRock Buys $289M in Bitcoin as Spot Bitcoin ETF Inflows Hit Two-Week High

BlackRock has significantly expanded its Bitcoin exposure, purchasing approximately 4,309 BTC worth around $289.6 million within a single hour on Feb. 26. Blockchain data from Arkham Intelligence, shared by Lookonchain, shows the transfers moved from Coinbase Prime hot wallets to wallets linked to the iShares Bitcoin Trust (IBIT), BlackRock’s spot Bitcoin ETF.

The transactions consisted largely of repeated 300 BTC transfers, each valued between $20.1 million and $20.2 million at current market prices. Two of these transfers occurred within the same minute, while others were spaced three to four minutes apart. In addition, a smaller transfer of 108.6 BTC, valued at nearly $7.3 million, was recorded. All activity was timestamped around 5:45 PM UTC, signaling coordinated institutional accumulation.

This latest Bitcoin purchase follows BlackRock’s $64.5 million BTC acquisition five days earlier. That move came shortly after the asset manager transferred $173 million in Bitcoin to Coinbase, which sparked speculation about a potential sell-off. However, renewed inflows into the BlackRock Bitcoin ETF suggest rising institutional demand rather than distribution.

According to SoSoValue data, U.S. spot Bitcoin ETFs recorded $506.51 million in daily net inflows on Feb. 25, marking the highest single-day inflow in two weeks. Total cumulative inflows now stand near $54.57 billion. IBIT led the market with $297.37 million in net inflows, outperforming competitors such as Fidelity’s FBTC, Grayscale’s GBTC, and Bitwise’s BITB. Smaller ETFs reported minimal or zero net flows, reinforcing IBIT’s dominance in assets under management.

Bloomberg ETF analyst Eric Balchunas noted the inflow spike comes after weeks of consistent outflows, though it remains unclear whether this signals a sustained Bitcoin rally or a short-term rebound. Despite strong ETF demand, Bitcoin price action remains subdued. BTC was trading near $66,900 at press time, down 1.6% on the day. Glassnode data indicates profit-taking has capped upside momentum below the $70,000 resistance level, with signs of demand exhaustion limiting further gains.