The recent dip in Bitcoin's price may have rattled some investors, but BlackRock's iShares Bitcoin Trust (IBIT) made a bold move by purchasing $40.8 million worth of $BTC on October 1. This significant buy underscores the asset manager's unwavering belief in Bitcoin's long-term potential, setting them apart from other ETFs during the market downturn.
October: A Historically Bullish Month Faces a Dip
While October, also known as âUptober,â is usually a bullish month for Bitcoin, this year took a different turn as the market faced liquidations. Over $500 million in assets were liquidated in the past 24 hours, with Bitcoin leading the sell-offs at $141 million. This caused a price drop of 4.19%, with Bitcoin now trading at $61,091.47.
Just a few days ago, $BTC was trading near $65,000, but the sudden dip triggered sell-offs from other major asset managers like VanEck, Ark, Bitwise, and Fidelity. In contrast, BlackRock stood firm, taking advantage of the price dip to add to its Bitcoin holdings.
BlackRockâs Strategic Moves Reflect Confidence
BlackRockâs confidence in Bitcoin is evident. Recent reports show the asset manager accumulating more BTC than any other ETF issuer, increasing their total holdings to over 362,193 $BTC , valued at approximately $22 billion based on current market prices.
This continued accumulation signals a long-term bullish outlook for the flagship cryptocurrency, even in the face of short-term volatility.
Stay tuned to Binance for the latest updates on Bitcoinâs market movements and ETF trends!
