- BlackRock continues systematic buying and bought 14,546 BTC worth $1.105 Billion yesterday
- BlackRock broke the previous record for inflows of $872M and set a new one of $1.12B
BlackRock continues to show records both in terms of inflows and systematic buying of Bitcoin.
IBIT showed record inflows of $1.12 billion and continues its systematic buying in all market conditions, including after Trump’s victory and the resulting surge in Bitcoin, and yesterday bought 14,546 BTC.
More on BlackRock’s Growing Dominance
To start off, it’s worth noting that BlackRock has already surpassed all of its competitors and has a net worth of $34.2 billion dollars.
It has been performing well for a while now even when others have been suffering and recently set a new record for inflows of $1.12 billion, while beating its own previous one of $872 million on October 30.
Nor are their systematic purchases of Bitcoin ending and yesterday they bought 14,546 BTC for $1.105 billion, although as you know Bitcoin has risen dramatically since Donald Trump’s victory and in anticipation of the Fed’s 0.25% interest rate cut.
Pav Hundal, lead market analyst at crypto exchange Swyftx gave good comments regarding the movement of BlackRock and ETFs in general:
“We’re in a goldilocks scenario right now of monetary easing, political certainty, and robust US data. Capital is everywhere, and right now, it’s flooding into the ETFs at an extraordinary velocity. The ETFs are accumulating Bitcoin faster than it can be created by a factor of two to one. Sooner or later, this will tip across into a broad-based crypto rally. Probably sooner.”
Conclusion
BlackRock has pulled ahead largely due to a long-term and consistent strategy, and one could say that they have the right to be where they are now.
On the other hand, there are opinions as to whether this dominant position of BlackRock is good for the crypto market and whether their strategy includes playing against crypto enthusiasts and investors.
We’ll be watching for further developments, stay tuned.
