[Digital Today reporter Yoonseo Lee] Asset manager BlackRock has bought an additional about $1.08 billion worth of bitcoin over the past 20 days, increasing its holdings to 785,900 BTC.

Blockchain media outlet U.Today reported on Sept. 15 that the purchases came as institutional money continued to flow into BlackRock's spot bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT).

The key is institutional demand. IBIT recorded steady inflows over the past 20 days, and BlackRock continued to expand the scale of its bitcoin purchases based on that. Arkham Intelligence data showed BlackRock's bitcoin buying took place over seven days among ETF trading days over the past month.

Its holdings also grew rapidly. BlackRock's total bitcoin holdings now stand at 785,900 BTC, including the newly added amount. That is worth about $61 billion.

Over the same period, the flow for other bitcoin investment products moved in the opposite direction. Grayscale Bitcoin Trust recorded net outflows of about $254.7 million. Investor money continued to leave the fund, suggesting a relatively weaker preference for Grayscale's product.

The contrast in fund flows shows that market choices are becoming clearer. BlackRock saw continued bitcoin purchases of more than $1 billion over the past 20 days, while major funds including Grayscale faced selling pressure. Even in an unstable market environment, BlackRock appears to be maintaining a consistent accumulation of bitcoin.

The approach of institutional investors also emerged. Rather than buying bitcoin directly, demand to put money through ETFs concentrated in IBIT, and BlackRock linked that demand to spot bitcoin purchases. Grayscale, meanwhile, saw investors continue to pull money out, diverging from the trend over the same period.

Against this backdrop, the market's next point of focus is whether fund movement among spot bitcoin ETFs will continue to concentrate on BlackRock. Based on the recent trend alone, BlackRock is increasing its bitcoin holdings on the back of institutional inflows, while Grayscale is bearing the burden of net outflows. The shift in market share within the spot bitcoin ETF market is increasingly likely to be directly reflected in fund inflows and holding changes for the two products going forward.