As a seasoned crypto investor with a knack for spotting trends and a portfolio that has weathered more than a few market cycles, I can confidently say that BlackRock’s recent move into Bitcoin and Ethereum is a game-changer. With over $10 trillion in assets under management, their entry into the crypto space validates the potential of digital assets as a viable investment option.
According to Arkham Intelligence, the massive hedge fund BlackRock – managing over $10 trillion in assets – has purchased a significant amount of Bitcoin (BTC) this week. In fact, these purchases exceeded the total amount of Bitcoin that any ETF issuer had sold during the last three weeks, with a value of approximately $388.19 million over the past four days. These Bitcoin were acquired for BlackRock’s own IBIT spot Bitcoin ETF.
In my current analysis, our hedge fund owns a staggering 362,193 Bitcoins, which translates to approximately $23.79 billion. To put this into perspective, that’s over 100,000 BTC more than our closest competitor, Grayscale, underscoring our leading position in the cryptocurrency market.
It’s clear now why BlackRock has taken such a significant step into the major digital currencies. As their head of digital assets explained, Bitcoin is not seen as a speculative venture, but rather as a scarce, globally accessible, decentralized asset that operates independently of any sovereign entity and lacks country risk or traditional counterparty risk.
BlackRock has bought more Bitcoin this week than ANY ETF has sold in the past 3 weeks.
— Arkham (@ArkhamIntel) September 27, 2024
For a $10 trillion investment company, Bitcoin appears less as a reflection (beta) of the NASDAQ or tech stocks overall, but rather functions similarly to digital gold.
In a further development, it’s worth noting that BlackRock’s involvement in cryptocurrencies isn’t limited to just one area. In fact, they’ve recently introduced an Ethereum Exchange-Traded Fund (ETF) solution. Unlike Bitcoin ETFs, these Ethereum ETFs haven’t received as much attention, but the amount of Ethereum in BlackRock’s possession is steadily increasing.
It’s uncertain yet whether a major financial institution will embrace Ethereum to the desired extent, but it appears that they are leaning towards it.
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2024-09-27 17:46