According to CryptoPotato, Synapse Network co-founder Paweł Łaskarzewski has highlighted BlackRock's recent moves in the cryptocurrency market, as the investment giant withdrew 11,500 BTC from the supply within just two days. Łaskarzewski emphasized that this rapid acquisition, particularly given that around 900 new BTC are mined daily, indicates a strategic shift. The approach of buying the dip reflects confidence in the value of Bitcoin.
BlackRock's acquisition removed 11,500 BTC from the system in just two days, equivalent to roughly 13 days of the usual daily supply. Łaskarzewski stated that the sheer scale of this substantial move underscored the "accelerated pace of institutional adoption" within the crypto space. The impact of BlackRock's iShares Bitcoin Trust (IBIT) was scrutinized. Despite managing only 25% of the volume over two days, when factoring in the influence of GBTC, an estimated 46,000 BTC may have been withdrawn. This suggests a potential signal of an impending supply crunch.
Assuming a sustained pace of 23,000 BTC per day, Łaskarzewski said the supply consumption is approximately 25.56 times the daily production consumed by US ETFs alone. This calculation excluded retail investors and other global ETFs, pointing towards a severe supply crunch on the horizon. If the ongoing trend of institutional accumulation continues, the market could be on the brink of an extreme supply crunch. While fluctuations in Bitcoin's price may occur, the fundamental scarcity of the asset becomes increasingly evident. Łaskarzewski concluded that BlackRock's significant withdrawal from the Bitcoin supply within a short timeframe highlights the accelerating pace of institutional adoption and emphasizes the growing importance of Bitcoin in the broader financial landscape.
