As a seasoned crypto investor with a decade of experience under my belt, I can confidently say that the recent dip in Bitcoin’s price has been a familiar roller coaster ride. However, this time around, I find myself intrigued by the steadfastness of BlackRock, the world’s largest asset manager.
The sudden drop in Bitcoin‘s price may have scared several Bitcoin ETF investors, but BlackRock’s iShares Bitcoin Trust (IBIT) held the floor. A Farside Investors report shows that only the asset manager purchased $40.8 million worth of BTC among all of its nine counterparts on Oct. 1.
BTC price dips in traditional bullish month
It’s commonly understood that October is often seen as a favorable month for the stock market, which is why it’s known as “Uptober.
As a crypto investor, I’ve noticed that this year has taken an unusual turn for us, especially as October rolled in and the crypto industry faced a wave of liquidations. In the past 24 hours alone, over half a billion dollars have been forced out of various traders’ positions. Regrettably, our leading crypto asset is spearheading these liquidations, with approximately $141 million being removed from circulation so far.
This activity has triggered a price plunge for the cryptocurrency, further threatening investors’ confidence. According to CoinMarketCap data, Bitcoin is currently trading at $61,091.47, with a 4.19% drop in the last 24 hours.
On a Monday, Bitcoin was approximately priced at $65,000. This potential decrease in the digital currency’s worth might have compelled investors from various financial management companies to dispose of their assets.
During this period, funds like BlackRock saw investments flowing in, whereas WisdomTree’s BTCW, CoinShare Valkyrie’s BRR, Franklin Templeton’s EZBC, and Invesco’s BTCO did not engage in any Bitcoin-related transactions. Conversely, VanEck’s HODL, Ark’s ARKB, Bitwise’s BITB, and Fidelity’s FBTC all offloaded Bitcoin to the tune of $15.8 million, $84.3 million, $32.7 million, and a massive $144.7 million respectively.
BlackRock in constant BTC acquisition mode
This perspective mirrors BlackRock’s belief in the future value of the underlying cryptocurrency. Recently, Arkham Intelligence disclosed that BlackRock had acquired more Bitcoin than any ETF provider has offloaded over the past few weeks. To date, their cumulative crypto holdings surpass 362,193 Bitcoins.
Based on the coin’s current price, the holding is equivalent to approximately $22 billion.
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2024-10-02 18:28