The post BlackRock Buys 34,085 BTC, Pushing Total Holdings Over 400K appeared on BitcoinEthereumNews.com.

BlackRock’s Bitcoin holdings have surpassed 400,000 BTC, indicating strong institutional confidence in the cryptocurrency. BlackRock’s CEO, Larry Fink, views Bitcoin as a distinct asset class, emphasizing its growing role in institutional portfolios. With its Bitcoin holdings already over 400,000 BTC, BlackRock, the biggest asset management company, keeps causing waves in the cryptocurrency market. BlackRock bought extra 34,085 BTC over the past two weeks, worth about $2.3 billion. With these new purchases, the company’s overall Bitcoin holdings—which value roughly $26.98 billion—are shockingly 403,725 BTC, according to Lookonchain. BlackRock’s #Bitcoin holdings have exceeded 400K $BTC, reaching 403,725 $BTC($26.98B)! Over the past 2 weeks, #BlackRock bought 34,085 $BTC($2.3B)!https://t.co/kqNUqHBiTn pic.twitter.com/2do3LJbs0D — Lookonchain (@lookonchain) October 26, 2024 BlackRock Strategic Approach to Bitcoin Amid Market Swings  BlackRock has deliberately seized advantage of the BTC price swings, unlike many individual investors and even some institutional players who could panic sell amid market declines. This buildup fits its long-term plan and supports their conviction that Bitcoin is a fundamental asset in world financial markets. With BlackRock’s overall BTC holdings at roughly 1.76% of the entire supply, institutional investors’ view of the crypto is clearly changing. BlackRock’s steady buys, in spite of occasional market volatility, show increasing belief that Bitcoin is more than just a speculative investment; it is now a substantial participant in the asset management portfolios of big institutions. Furthermore noteworthy is BlackRock’s acquisition timing. According to recent market research, several technical analysts indicate potential price reductions while Bitcoin’s price has encountered opposition at important levels. BlackRock’s buying at these declines, however, shows its conviction in the long-term worth of Bitcoin. BlackRock’s approach is clear: build during times of uncertainty to profit from future gains, despite volatility like Bitcoin plunging below $60,000. Moreover, the rising number of institutional buyers—BlackRock and others like Metaplanet—highlights a tendency of big…

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Filed under: News - @ October 28, 2024 6:14 am