BlackRock Adds $877 Million in BTC as Momentum Builds Toward $120K

Bitcoin’s rise continues as BlackRock strengthens its position in the digital asset market. The financial firm has purchased 8,000 BTC through its BlackRock IBIT fund, marking its largest crypto investment in May.

The purchase, valued at $877.2 million, brings BlackRock’s total Bitcoin holdings to over 639,000 BTC. With Bitcoin price trading near $108,797.49, market observers are watching closely for a potential breakout toward $120,000.

BlackRock’s May BTC Purchase Reinforces Institutional Interest

BlackRock has increased its Bitcoin exposure by acquiring 8,000 BTC via the iShares Bitcoin Trust (IBIT). This $877 million purchase adds to growing institutional interest and highlights BlackRock’s ongoing investment in cryptocurrency.

The BlackRock Bitcoin ETF now holds one of the largest institutional Bitcoin reserves worldwide. ETF analyst Eric Balchunas noted that BlackRock IBIT has seen rapid inflow growth in 2025. Once ranked 47th, it now sits among the top five exchange-traded funds for year-to-date inflows.

The fund has attracted nearly $9 billion so far this year, with more than $6.5 billion coming in May alone. Balchunas observed that traditional ETFs, such as those tracking gold and cash, are falling behind as IBIT gains popularity.

The fund recorded no outflows in May, confirming consistent investor confidence. On May 21 alone, BlackRock IBIT added $530 million in Bitcoin, its highest daily inflow this month.

Whale Activity and Rising Holdings Drive Bitcoin Accumulation

As institutional players enter the market, large Bitcoin holders—or whales—are increasing their positions. The surge in buying activity has pushed Bitcoin price above $111,000. BlackRock’s $877M investment and MicroStrategy’s recent $765 million BTC acquisition reflect renewed confidence.

On-chain data confirms this trend. The number of large Bitcoin transactions spiked on May 22, reaching over 30,000—a sharp increase from 16,700 on May 18. Exchange reserves have dropped, suggesting BTC is being moved into long-term storage.

The BlackRock Bitcoin ETF has become a central vehicle for this accumulation. Analysts report that IBIT may soon rank second in ETF inflows by July if the current momentum continues. SoSoValue estimates IBIT’s net assets are approaching $68 billion. The demand for Bitcoin from ETFs, especially BlackRock IBIT, is helping maintain upward pressure on the asset.

Technical Price Analysis Signals Continued BTC Strength

Bitcoin’s rally remains intact, supported by favorable technical indicators. The current Bitcoin price near $111,000 shows strong buying interest, with Bollinger Bands indicating increased volatility and expansion. The midline of the Bollinger Bands, now around $103,000, acts as support.

If Bitcoin price stays above $112,000, analysts expect a move toward the $120,000 level. The +DI indicator remains high, while the ADX value at 38 confirms a strong upward trend. Bitcoin has gained over 17% this month, and the continued presence of institutional buyers is reinforcing this trend.

IBIT’s growing inflows have contributed to this sustained movement. Trading volume for Bitcoin ETFs has also risen, with expectations of record-breaking days ahead. According to Balchunas, IBIT could surpass its highest trading volume day, which was recorded on January 23.

MicroStrategy Strengthens Bitcoin Holdings With $765M Purchase

MicroStrategy is also steadily growing its Bitcoin reserves under the guidance of its Executive Chairman, Michael Saylor. With the last purchase, the firm has now bought 7,390 BTC for $764.9 million, increasing its Bitcoin holdings to 576,230 BTC. Overall, the price of each Bitcoin in this new batch was held at $103,498.

MicroStrategy is using the ATM program to issue preferred stock as part of a wider $2.1 billion fundraising effort. They say that the proceeds will be used for buying new Bitcoins and fulfilling other key corporate tasks. Currently, the business software company is sitting on Bitcoin valued at $64 billion while its initial cost basis is around $40 billion.

Michael Saylor said in regard to Bitcoin wallets that “Everyone who buys Bitcoin keeps their money.” He pointed out that due to Bitcoin rising above $111,800, most wallets are currently in profit.

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