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BlackRock

BlackRock Increases Bitcoin Holdings, ETF Now At $1.6 Billion

Christian Encila
by Christian Encila
1 year ago
·
Posted in Bitcoin, Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a recent and pivotal move within the cryptocurrency realm, BlackRock’s iShares Bitcoin Trust has secured a substantial Bitcoin haul from Coinbase Prime, fortifying its position in the volatile market.

The trust executed a noteworthy transaction, acquiring 6,495 BTC valued at a staggering $254.7 million, bringing its total holdings to an impressive 39,925 BTC, equivalent to an estimated $1.59 billion. The timing of this acquisition aligns with a period of increased turbulence in the cryptocurrency sphere, particularly affecting the venerable Bitcoin.

Related Reading: Blast From The Past: Dogecoin Blockchain Immortalizes 1993 Video Game ‘DOOM’

BlackRock Bitcoin Confidence, Grayscale Outflows

Lookonchain’s Twitter account shared insights revealing that the transfer of Bitcoin from Coinbase Prime to BlackRock’s iShares Bitcoin Trust. The enlarged holdings underscore the trust’s unwavering confidence in Bitcoin’s enduring potential as a store of value, even amidst the current market fluctuations.

iShares Bitcoin Trust (#BlackRock) received 6,495 $BTC($254.7M) from #CoinbasePrime 7 hours ago and currently holds 39,925 $BTC($1.59B).https://t.co/R9FeDo2R0R pic.twitter.com/m89loTCWpj

— Lookonchain (@lookonchain) January 24, 2024

However, not all is rosy in the cryptocurrency landscape, as industry titan Grayscale reports significant fund outflows. A staggering $500 million fled Grayscale’s coffers on Wednesday, partially offset by a more modest $396 million inflow into newer Exchange-Traded Funds (ETFs).

The substantial outflows from Grayscale cast a bearish shadow over the entire cryptocurrency sector, presenting a formidable challenge for ETFs like BlackRock’s iShares Bitcoin Trust as they vie for investor funds.

Bitcoin slightly below the $40K level today. Chart: TradingView.com

ETF Approval: Hype And Correction

The cryptocurrency market witnessed a fervent surge in speculation in the lead-up to the much-anticipated approval of Bitcoin Exchange-Traded Funds (ETFs). As the approval news rippled through the digital asset space, a common phenomenon, known as a ‘sell-the-news’ event, ensued. Investors, who had eagerly anticipated the approval, seized the opportunity to cash in on their positions, resulting in a slight downturn in the market.

Related Reading: Crypto Cemetery: Over 50% Of Coins Listed On Coingecko Since 2014 Have ‘Perished’

Following the approval-induced hype, Bitcoin experienced a modest decrease of approximately 20% from its recent high of $49,010. While this correction may have caused ripples of concern among market participants, it is crucial to contextualize it within the broader historical framework of Bitcoin’s price movements.

In comparison to previous corrections, this 20% decline is relatively tame, signaling a growing sense of maturity and stability in the Bitcoin market.

The approval of Bitcoin ETFs has been eagerly awaited within the cryptocurrency community, offering traditional investors a means to enter the Bitcoin market indirectly.

BlackRock’s growing appetite for Bitcoin, evident in its ETF reaching $1.6 billion, suggests a potential watershed moment for mainstream adoption. This move by the financial behemoth could pave the way for increased institutional investment and further legitimize the controversial cryptocurrency.

Featured image from Shutterstock, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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