Blackrock Resumes Bitcoin Buying, Is A Breakout To $70K Next?
The post Blackrock Resumes Bitcoin Buying, Is A Breakout To $70K Next? appeared on BitcoinEthereumNews.com.
BlackRock has increased its exposure to cryptocurrencies, buying an additional 529 BTC and 2,420 ETH. With these new acquisitions, BlackRock now has 359,606 BTC with an estimated value of $22.82 billion and 350,000 ETH with an estimated value of $23 billion. The on-going purchasing by BlackRock demonstrates that institutional investors remain bullish on the long-term investment potential of digital assets, especially BTC. BlackRock’s Growing Bitcoin Holdings As per Arkham Intelligence, BlackRock, the biggest asset manager globally, has been upping its bets on Bitcoin, given its view that the cryptocurrency can offer protection against various risks. The firm has added 529 BTC to its balance, increasing its total Bitcoin reserves to stand at 359, 606. Most of these holdings are vested in BlackRock’s iShares Bitcoin Trust (IBIT) that gives investors direct exposure to Bitcoin. The asset manager’s bullish buying spree comes at a time when Bitcoin is being eyed as a ‘risk-off’ asset amid the traditional perception of cryptocurrencies as high-risk investments. According to Mitchnick, BlackRock’s head of digital assets, Bitcoin is not like other risk-on assets such as equities since it is a decentralized, non-sovereign, and scarce global asset. BTC ETF Sees Record Inflows Concurrently, BlackRock’s iShares Bitcoin Trust has seen inflows of more than $99 million of Bitcoin, which is the highest single-day inflow in the last 30 days. This increase in investment is due to the heightened interest from institutional investors in Bitcoin exposure through regulated ETFs which provide an easier way for investors to make profits from the appreciation of Bitcoin price. The ETF’s performance is particularly impressive given the current economic conditions, as investors are looking for new ways to invest in addition to equities and bonds. Mitchnick’s recent comments are in line with BlackRock’s perception of Bitcoin as a diversifier, emphasizing its capacity to do…
Filed under: News - @ September 26, 2024 12:18 am