BlackRock bought $640 million in Bitcoin while other institutions sell BTC.
In detail, Fidelity, Ark, and Bitwise went on to sell a good chunk of their BTC holdings.
The price of BTC could pump steadily as more institutional buying occurs.
The crypto market grows more anxious to see where the price of BTC will go next. The previous week, BTC dealt with turbulent waters as war escalations led to a drop in crypto prices. In particular, Bitcoin (BTC) fell to $103,000 but did not fall below the $100,000 price mark. However, some financial institutions ended up selling some of their BTC holdings, while BlackRock bought $640 million in Bitcoin.
BlackRock Bought $640 Million in Bitcoin
Arkham intelligence data shows that Fidelity, Ark, and Bitwise have all succumbed to FUD and ended up selling a good chunk of their BTC holdings. In contrast, BlackRock continues to be a pillar of strength for Bitcoin advocacy as the entity bought $640 million worth of Bitcoin, showing its faith in the asset. So far, BlackRock is showing the same BTC devotion as Strategy and El Salvador.
https://twitter.com/arkham/status/1935454255835455516
As we can see from the post above, Arkham’s analytics is quite clear. BlackRock has bought $640 million in Bitcoin while Fidelity, Ark, and Bitwise sold. While the other players may buy back at lower prices, it seems that BlackRock is only looking at long-term prices. With its current BTC buying rate, it does not matter when the entity is buying BTC; rather, it matters that the entity is buying BTC in bulk.
This bull cycle saw the entry of huge players into the crypto market. To highlight, these players were global asset managers finally entering cryptocurrencies into digital asset management. Their entry is what led to Bitcoin and Ethereum Spot ETF, which affected the crypto bull cycle, and inflows and outflows from these ETFs would regularly affect the state of the crypto market and BTC and ETH prices.
BlackRock’s Role in Hitting New ATH Prices
Presently, several altcoins are in the process of getting ETFs of their own. Specifically, NEAR, XRP, SOL, DOGE, and even ADA are all in the running to reach approval soon. While SOL may be facing some barriers towards approval, NEAR, DOGE, ADA, and XRP are stepping very close to reaching fruition. These approvals could further boost altcoin accumulation and perhaps act as a trigger for this bull cycle’s altseason pump.
Presently, analysts are pleased to see BlackRock leading the charge for institutional accumulation. As many financial experts have confirmed that institutional buying is one of the biggest factors that contribute to Bitcoin (BTC) prices pumping steadily and unlocking new ATH prices. Thus, if accumulation on an institutional level continues to grow, then the price of BTC is well on its way to hitting new ATH prices soon.
