BlackRock, the largest investment firm worldwide, has once again showed big appetite for crypto assets. The firm’s spot Bitcoin ETF, IBIT, collected a net of $324.3 million in just one week, revealing that institutional demand for Bitcoin is still very strong following recent turbulence in the markets.
This intense buying power from BlackRock, which occurred between October 20 and October 24, was a crucial brand that assisted in stabilizing a rate of asset with respect to a highly volatile market. Following a substantial decline in markets across the board on October 10, investors were tracking price action to see if Bitcoin would ultimately hold. BlackRock’s sharp move in accumulation provides evidence in affirming a new immediate support level for an asset; and importantly clearing a path back above the important $110,000 mark.
A Rebound From the Brink
The week didn’t exactly start with a bang. According to data from Coinglass, the fund actually saw a significant net outflow of $100.7 million on Monday, October 20. This pullback, which coincided with weakness in Bitcoin’s price, might have signaled a bearish turn to some.
However, that sentiment reversed almost immediately. On Tuesday, October 21, the floodgates opened, and IBIT recorded a massive net inflow of $210.9 million. This exceptional bounce established a trend for the remainder of the week, with the fund recording an additional $73.6 million in inflows on Wednesday and $107.8 million on Thursday. By Friday, October 24, the buying was limited to mere $32.7 million, but the message was sent: dips were seen as buying opportunities.
The ‘Dolphin’ Cohort Is Buying, Too
It isn’t just Wall Street giants like BlackRock that are accumulating. On-chain data reveals that a key group of investors, nicknamed “dolphins,” are also steadily increasing their holdings. These are wallets that hold between 100 and 1,000 BTC.
According to the analytics firm CryptoQuant, this dolphin cohort is a critical indicator of Bitcoin’s underlying structural demand. These mid-sized investors, who are larger than small retail traders but smaller than “whales,” now hold a staggering 26% of Bitcoin’s total supply. Their conduct, which certainly does not suggest short-term trading but instead long-term holding, shows a high level of conviction. This group has added an incredible 681,000 BTC to their wallets in 2025 alone!
Where the Price Stands Technically
This continued demand has contributed to stabilizing Bitcoin’s price. At the time of writing, Bitcoin was trading at $111,702, representing an increase of over 4% on the weekly interval. The recent volatility has resulted in the market consolidating, however, the general trend is one of bullishness.
From a technical perspective, the price is neutral. It is trading at the moment just under the 50-day simple moving average ($114,427), which is often a price point of short-term resistance. Given the price is still trading nicely above the 200-day simple moving average price point ($105,582), it is still trending positively in the bigger picture (which is encouraging for the overall health of the cryptocurrency). The 14-day relative strength index (RSI), which is one of the more widely referenced momentum indicators/options, is trading at approximately 47.72, which is neutral (halfway or the mid-point). That is to say, the market is neither “overbought” nor “oversold”, it looks to be simply taking a breath/pause.
Analysts See Continued Strength Ahead
Analysts have a positive outlook for the rest of 2023, all thanks to persistent inflow into ETFs by BlackRock, which is only supplemented by the gradual accumulation of asset by dolphin wallets. The fundamentals of unmatched demand by serious investors seem to be absorbing any selling volatility, despite the recent volatility in prices.
This is the demand that has led some research houses to maintain high price targets for Q4. Take Tiger Research for instance, which just reaffirmed its work on a $200,000 price target for Bitcoin in Q4, attributing the buying pressure for the move higher. As long as institutions and long-term holders accumulate on dips or volatilities, there will be upward price momentum.
