BlackRock purchased 6,088 BTC valued at nearly $638.5 million, marking one of the largest institutional buying sprees this quarter.
This transaction reflects an increasing trend: BTC is gradually being viewed as a macro hedge amidst global instability.
BlackRock has just completed the purchase of 6,088 Bitcoin [BTC], valued at nearly $638.5 million — one of the largest buying sprees right before the quarter's end.
This move immediately created a new wave of confidence among institutional investors, boosting positive sentiment in the cryptocurrency market.
Not only affecting sentiment, on-chain data shows that this transaction has triggered a series of trading activities, forcing speculators to quickly adjust their strategies to adapt.
Short sellers caught off guard, for the second time this year.
After the buying spree, the short positions on BTC underwent a strong liquidation. This is the second-highest liquidation level since June 9, when the price of Bitcoin surged, triggering large-scale retracement orders.
Last time, the BTC breakout triggered a massive liquidation of short positions. And this time, a similar pattern has repeated.
As short sellers retreated, the buying pressure increased rapidly. The price of Bitcoin responded immediately with a strong surge, indicating that the bulls quickly regained control of the market.
Furthermore, if BlackRock's allocation encourages large institutions to continue buying, a new wave of liquidation could potentially push the market further upward.
Source: CryptoQuant
The trend of net liquidation across exchanges is slowing down.
Although the price of Bitcoin has increased, the amount of BTC withdrawn from exchanges in the past week has noticeably decreased.
This indicates that large investors, including BlackRock, are accumulating and holding their assets, expecting prices to continue to rise.
If the net withdrawal trend increases again, it could confirm a continued accumulation phase or the possibility that the market will continue its upward momentum. Currently, market sentiment is in a wait-and-see state, assessing risks or the potential for the next breakout.
Source: CryptoQuant
Bitcoin extends its reach amidst international geopolitical context.
The timing of BlackRock's actions is critical, occurring amidst escalating global geopolitical tensions and concerns about fiat currency instability.
Previously, gold was always seen as a 'insurance service' during times of turmoil. Now, Bitcoin is increasingly standing out as a digital backup hedge.
BlackRock's strategy reflects a new attitude from large institutions towards Bitcoin. No longer merely a speculative asset, BTC is now gradually becoming a fundamental component in broader macro strategies.
Source: https://tintucbitcoin.com/blackrock-dau-tu-638-trieu-usd-vao-bitcoin/
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