Key Points
- BlackRock’s Bitcoin holdings have surpassed 400,000 BTC, valued at approximately $26.98 billion.
- The company’s Bitcoin ETF has seen steady growth, exceeding $23 billion in total value.
BlackRock, a leading asset management firm, has reached a significant milestone in its Bitcoin accumulation. The company now holds over 400,000 BTC, estimated to be worth around $26.98 billion, according to Lookonchain.
BlackRock’s Bitcoin Accumulation
In just two weeks, BlackRock has added an impressive 34,085 BTC to its portfolio. This acquisition, worth around $2.3 billion, further emphasizes BlackRock’s influence in the cryptocurrency market as it continues to expand its Bitcoin holdings.
Meanwhile, BlackRock’s BTC ETF (IBIT) has shown significant growth, surpassing the $23 billion mark according to Farside Investors. Since October 14, IBIT has consistently seen inflows, reflecting strong investor interest and confidence in BlackRock’s BTC strategy.
Community Reaction and Impact on Bitcoin
The crypto community has responded positively to this news. At the time of the update, Bitcoin was trading at $67,773.35, showing a rise of over 1% within the past 24 hours.
The Relative Strength Index (RSI) also indicated that bullish momentum is overtaking bearish forces. Furthermore, around 92.88% of BTC holders were “in the money”, meaning their holdings were valued higher than their initial purchase price.
There’s speculation about future “Bitcoin wars”, with predictions that giants like BlackRock could eventually seek to fork the original Bitcoin chain and promote their own version. This rapid accumulation of BTC by BlackRock has raised concerns about its growing influence over the market.
Yet, BlackRock is not alone in this endeavor. Other major players such as MicroStrategy, Tesla, Binance, and SpaceX have also been steadily accumulating Bitcoin. As such, it remains to be seen whether these institutions will be able to challenge BlackRock’s dominance.
