BlackRock ETF Fund Flows (Issue 2 · Week 28, 2026)

01Latest Developments

Latest Developments

07-10 STRC and SATA preferred stocks under MicroStrategy saw trading volumes exceed $10 billion in June, defying market trends, indicating strong demand from institutions for BTC-linked hybrid products. On the same day, BIP-110 was still scheduled to be implemented in August despite having less than 1% support among miners, raising warnings about the risk of a network split. Regarding on-chain data, 44 Bitcoin wallets were removed from the lawsuit due to active transactions, leaving 39,025 addresses pending review, with the focus shifting to the validity of ownership evidence.

07-08 New Hampshire voted on the world’s first Bitcoin-backed municipal bonds, with the 140% liquidation threshold becoming a key point of contention.

07-07 After MicroStrategy’s sell-off triggered a pullback, BlackRock acquired $81 million worth of Bitcoin within minutes through Coinbase Prime, helping push Bitcoin prices above $63,000. The asset management giant Vanguard reversed its years-long resistance to cryptocurrencies by urgently hiring a head for digital assets to focus on tokenization and stablecoins. Trump attributed this shift in stance to competition with China, noting that related earnings exceeded $1.4 billion last year, and he also introduced investment accounts for minors.

07-06 TeraWulf secured a 20-year lease agreement with Anthropic worth $19 billion, driving the company’s stock price up by 12% in a single day. CryptoQuant stated that a market rebound would require over $1 trillion in institutional capital inflows, signaling the end of benefits for retail investors.

02Impact Analysis

The marginal impact of BlackRock ETF inflows is shifting from mere price support to reshaping market microstructures and institutional access paradigms. Recent developments indicate that institutional demand now holds dominance independent of retail sentiment. On July 6, when a sell-off by MicroStrategy triggered a pullback, BlackRock acquired $81 million in Bitcoin within minutes through Coinbase Prime, directly pushing prices above $63,000—a clear sign that leading asset managers have taken control of market pricing. This action confirms a fundamental shift in the logic behind market rebounds: the era of retail speculation-driven gains is over, and effective rebounds will now rely on trillions of dollars in institutional capital injections.

In terms of industry dynamics, traditional asset management giants are showing a significant change in their attitude toward crypto assets. Vanguard, which had long resisted such investments, reversed its stance and urgently hired digital asset specialists to focus on tokenization and stablecoins, signaling a shift from cautious observation to strategic engagement. Meanwhile, the tokenized real-world asset (RWA) market has grown nearly fivefold in half a year, with daily active usage increasing by 85%. Traditional exchanges are accelerating their adoption of 24/7 trading models, further expanding the downstream applications for ETF funds.

However, uncertainties related to macro policies and legal frameworks are growing, potentially offsetting the benefits brought by increased funding. Although Trump acknowledged that his change in stance was driven by competition with China and business interests, his profits from crypto-related activities—amounting to over $1.2 billion—have prompted five Democratic senators to call for congressional hearings to investigate potential conflicts of interest. Additionally, doubts about the Treasury Department’s authority have hindered the establishment of strategic reserves, with regulatory oversight possibly shifting to the Commerce Department, adding variables to the policy implementation process. On the judicial front, disputes over the ownership of $234 billion worth of dormant Bitcoin, along with lawsuits against 44 wallets due to suspicious blockchain activity, are focusing attention on the legal validity of blockchain data as evidence of ownership, which could affect how institutions classify and manage their assets in the future.

In summary, BlackRock’s buying activity has established institutional capital’s role as a short-term stabilizer, but the long-term impact lies in a broader transformation of macro asset allocation and the improvement of legal frameworks for asset ownership confirmation.

03Keep an eye on it later.

Ongoing Monitoring

1. Voting Results on Bitcoin Bonds in New Hampshire (Continued) Close attention will be paid to the voting progress regarding the world’s first Bitcoin-backed municipal bonds scheduled for July–August. The key indicator is whether the 140% liquidation threshold will be triggered, as this outcome will directly determine the legal status of digital assets in the realm of government bonds.

2. Discrepancy Between MicroStrategy Preferred Stock Trading Volume and Bitcoin Price (Continued) Ongoing monitoring of the monthly trading volumes of STRC and SATA preferred stocks, which exceeded $10 billion in June, will be conducted alongside Bitcoin’s price performance when it dropped below the critical $60,000 support level. This will help assess the true demand from institutions for BTC-linked hybrid products.

3. Legal Validity of On-Chain Data in Dormant BTC Litigation (New) Tracking the judicial developments related to the remaining 39,025 wallets under review, with a focus on courts’ rulings regarding “active on-chain transfers” as evidence of ownership, is crucial. These decisions will lay the foundation for determining ownership of assets worth $234 billion.

4. Miner Support Rate for BIP-110 Proposal and Risk of Network Split (New) Closely monitoring changes in miner support rates ahead of the August enforcement ban under the Knots plan is essential. If the current support rate remains at its extremely low level of less than 1%, there is a risk of network split, as warned by Bakker and Saylor.

5. Scale of Institutional Capital Inflow and Threshold for Recovery (New) According to CryptoQuant’s analysis, a market recovery would require over $1 trillion in institutional capital inflows. Continuous tracking of the entry pace of macro allocation funds such as pension funds is necessary to identify new drivers after the end of the retail investor-driven rally.

04Related Reads

1. “Bitcoin Breaks Above $60,000 Support; MicroStrategy’s Preferred Shares See Over $10 Billion in Trading Volume in June”
2. “With Less Than 1% of Miners in Favor, Ban Pushes Ahead, Increasing Risk of Bitcoin Split”
3. “Case Withdrawn Due to On-Chain Anomalies: Lawsuits Against 44 Bitcoin Wallets Rejected”
4. “Voting on $100 Million in Bitcoin Bonds: Can a 140% Liquidation Threshold Turn Things Around?”
5. “MicroStrategy’s Selling Pressure Continues; BlackRock Acquires $81 Million in Minutes”
6. “Asset Management Giants Rush to Hire New Leaders: From Rejecting Cryptocurrencies to Investing in Tokenization”
7. “From Calling Bitcoin a Scam to Viewing It as Central to Finance—All Out of Fear of China Taking the Lead”
8. “$19 Billion Order Drives Up Demand for Mining Stocks: TeraWulf’s Stock Price Soars 12% in One Day”
9. “Recovery Requires Trillions in New Capital: End of Retail Bonanza, Institutional Involvement as the Only Solution”
10. “Daily Active Users Surge by 85%; Tokenized Stocks Spark a New Era of 24/7 Trading”
11. “Trump’s $1.2 Billion in Cryptocurrency Earnings: Five Senators Demand Congressional Hearings”
12. “Trump’s Bitcoin Reserves Face Hurdles: Treasury’s Authority Under Question, Commerce Department Seen as Alternative”
13. “Battle Over Ownership of 390,000 Dormant BTCs: Digital Business Association Opposes New York State Lawsuit”