BlackRock’s 16-day ETF inflow streak contrasts with competitor outflows as BTC approaches critical $98K level, while New Hampshire’s reserve law signals institutional adoption milestones.
As Bitcoin tests $58,500 with $1.8B flowing into BlackRock’s IBIT since June 20, analysts warn of $400M short liquidations at $98K while New Hampshire pioneers state-level BTC reserve policies.
ETF Arms Race Reshapes Bitcoin Market Structure
BlackRock’s iShares Bitcoin Trust (IBIT) has absorbed $120 million daily inflows through July 5 according to Farside Investors data, marking the longest consecutive buying streak since its January launch. This contrasts sharply with $45 million outflows from Fidelity’s FBTC during the same period, as noted in BitMEX Research’s July 6 market report.
Liquidation Storm Brews at $98K Resistance
Coinglass derivatives tracking shows $37B in open interest concentrated near $98K, a level that could erase $400M in leveraged short positions. ‘This liquidation cluster formed during May’s rally attempt,’ observed Deribit analyst Zhang in a July 8 briefing. ‘Market makers are hedging via September $100K calls, with open interest up 20% this week.’
New Hampshire Legislation Signals Regulatory Shift
The July 3 passage of SB 376 positions New Hampshire as the second state after Texas to authorize blockchain-based financial infrastructure. State Treasurer Wright stated: ‘This isn’t about speculation – we’re building reserves management tools for the digital age.’ The law mandates operational frameworks by 2025.
Historical Precedent: Gold ETF Parallels Emerge
The current accumulation pattern mirrors gold’s 2004-2006 consolidation phase when SPDR Gold Shares (GLD) absorbed 8% of annual production. As BlackRock captures 34% of the $14.3B Bitcoin ETF market, JPMorgan analysts noted in a July 7 research memo: ‘ETF inflows are dampening volatility but creating concentrated liquidity risks – similar to GLD’s pre-2008 accumulation.’
This institutional adoption wave follows the 2020-2021 corporate treasury movement led by MicroStrategy and Tesla. However, the scale differs fundamentally: BlackRock’s IBIT holds 265,000 BTC versus MicroStrategy’s 226,000 BTC, representing the first time a regulated vehicle surpasses corporate accumulators.
