In a profound strategic move, BlackRock has escalated its involvement in the Bitcoin Exchange Traded Fund (ETF) market by acquiring over $388 million in Bitcoin. This significant purchase has not only outstripped the sale volume of Bitcoin by ETFs in the past few weeks but also provided a substantial uplift to Bitcoin's market value, which is now hovering above the $66,000 mark.
Heightened Bitcoin Accumulation by BlackRock
Recent analyses revealed that within a mere span of four days, BlackRock's IBIT Bitcoin ETF has augmented its Bitcoin portfolio by an additional 5,894 BTC, equating to a market value of $388.2 million. This surge in acquisition elevates the firm’s total Bitcoin assets to an impressive 363,626 BTC, with an estimated worth of $23.68 billion. Notably, within a single day, BlackRock undertook the purchase of 1,434 BTC for an approximate value of $94.3 million.
The scale of BlackRock’s Bitcoin investments has overwhelmingly surpassed that of its counterparts, with not a single ETF discharging as much Bitcoin in the same timeline. A particularly striking aspect of this trend was Thursdays' Bitcoin ETF inflows, which amounted to a robust $365.7 million dispersed across various funds.
This week, BlackRock's acquisition of Bitcoin has dwarfed the sale figures of any ETF over the past three weeks. pic.twitter.com/d6fsVNgdZO
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Fidelity made a significant contribution with $74 million in inflows, Bitwise following with $50.4 million, whereas VanEck managed $22.1 million. Ark Invest emerged remarkably with a staggering $113.8 million in inflows, pointing towards a growing institutional inclination towards Bitcoin as an asset class. Contrarily, Grayscale Bitcoin Trust (GBTC) experienced a slight $7.7 million in outflows.
Bitcoin's Valuation Surpasses $66,000
The momentum generated from this extensive buying spree has propelled Bitcoin’s value beyond the critical resistance point of $66,000, marking a new high. Despite the culmination of quarterly options and futures, Bitcoin’s value rose by 1.20% to $66,122.10, as recorded on Friday, September 27. The forthcoming "Uptober," historically known for bullish Bitcoin trends, alongside BlackRock's aggressive investment approach, signifies a robust institutional demand for Bitcoin. The market now waits in anticipation to see if this uptrend persists through October.
The recent bullish market sentiment is further bolstered by last week's 50 basis points Federal Reserve rate cut and continued Bitcoin acquisitions by MicroStrategy, augmenting the optimistic outlook.
According to another report, the T-Rex 2x MicroStrategy ETF has experienced a considerable $72M inflow, coinciding with a surge in MSTR stock prices.
