iShares Bitcoin Trust (IBIT) has officially crossed a threshold that no other spot ETF has reached: BlackRock's ETF now controls more than 700,000 BTC. That is over $75 billion at current prices — roughly 3.5% of Bitcoin’s entire circulating supply — and IBIT reached this milestone at a breathtaking pace.

On July 7, IBIT logged another $164.64 million in daily inflows, adding to a flood of capital that has brought net inflows close to $50 billion since its launch. 

Even as Bitcoin struggled to hold its footing near $108,000, IBIT did not flinch, buying through the dips and adding to its massive holdings.

The raw number is impressive, but what is catching attention now is how quickly it has been growing. Since its January 2024 approval, IBIT has averaged nearly 39,000 BTC per month in net accumulation. At that rate, the fund could surpass one million BTC by early 2026, placing nearly 5% of all mined Bitcoin in the hands of a single issuer. 

Some analysts are even suggesting a potential 10% threshold — approximately 2.1 million BTC — by 2028, assuming no slowdown in inflows and continued ETF demand.

For perspective, BlackRock now holds more Bitcoin than Strategy, the Mt. Gox estate and most known long-term miner treasuries combined. It is the kind of centralized accumulation that makes people in the industry wonder. Not only does it say a lot about what institutions are willing to do, but it also raises questions about how it could affect liquidity, volatility and governance in the future.

The path ahead is unclear, but the headline is clear: one ETF has secured a 700,000 BTC position in just 18 months.