BlackRock aggressively bought the dip this week, acquiring approximately 9,619 BTC ($878 million) between Jan. 5 and Jan. 8. The move brings the asset manager’s total stockpile to 780,400 BTC, valued at over $70 billion, and coincides with a near-complete exhaustion of sell-side pressure from long-term holders.
Institutional Floor at $92,000
Data from TradingView and on-chain analytics firm Lookonchain confirms BlackRock used the post-Q4 volatility to re-accumulate. The purchase reverses a brief period of stagnation seen in late 2025.
The scale of this accumulation is forcing a re-evaluation of liquidity near the $92,000 mark. With Bitcoin hovering around $92,500, the market is absorbing the supply shock caused by the simultaneous entry of institutional capital and the withdrawal of vintage coins.
Supply Shock Indicators
The buy-side pressure is amplified by a critical drop in seller exhaustion. The Exchange Inflow Coin Days Destroyed (CDD) metric on Binance—a gauge of how many "old" coins are moving to exchanges to be sold—has collapsed to its lowest level since 2017.
The convergence of BlackRock's accumulation with declining retail selling pressure suggests the market may be entering a trend reversal phase where illiquid supply dominates.
Historically, low CDD values indicate that long-term holders (cohorts holding 155+ days) have ceased profit-taking. With the 780,400 BTC now locked in BlackRock’s IBIT trust, the floating supply available for OTC deals is thinning rapidly.
