BlackRock’s Continued Bitcoin Accumulation Signals Confidence in Crypto
BlackRock, through its iShares Bitcoin Trust (IBIT), has recently acquired 5,894 Bitcoin (BTC), worth approximately $387.68 million, reinforcing its belief in Bitcoin as a store of value and inflation hedge. With this latest purchase, BlackRock now holds over 363,626 BTC, valued at around $23.68 billion at current market prices. This rapid accumulation within just eight months of launching its Bitcoin ETF in January highlights BlackRock's aggressive approach to Bitcoin investments.
In recent years, BlackRock’s interest in Bitcoin has surged, reflecting the growing acceptance of digital assets globally. The firm is now one of the largest public Bitcoin holders, further showcasing its confidence in Bitcoin’s potential, especially during times of global economic uncertainty and growing concerns over traditional fiat currencies.
Bitcoin ETF Inflows on the Rise
BlackRock is not alone in this trend; several other U.S. Bitcoin spot ETFs have also seen significant inflows. Over the past few days, these ETFs have collectively amassed $365 million, demonstrating the strong demand from investors. The Ark 21Shares Bitcoin ETF led the inflows, acquiring 1,752 BTC valued at around $113.82 million.
Bitcoin spot ETFs now hold approximately $60.03 billion, accounting for 4.7% of Bitcoin’s total market capitalization. This surge in interest underscores Bitcoin’s growing role as a reliable investment instrument.
Bitcoin's Role Amid Global Uncertainty
BlackRock recently predicted a potential crisis as U.S. debt levels rise and the Federal Reserve cuts interest rates for the first time since the 2020 COVID-19 pandemic. In a recent paper, BlackRock highlighted Bitcoin’s unique diversification properties, suggesting that BTC could be the best investment alternative amid global political tensions.
At the time of writing, Bitcoin is trading at around $65,823.61, reflecting a slight dip of 0.27% over the past 24 hours after a strong rally in recent days.
