Bitcoin, suddenly soared!

Entering October, the price of Bitcoin began to regain its upward trend. On October 16, the price of Bitcoin once exceeded $68,000, and soared more than 3% during the session, setting a new high since July 30.

BlackRock's holdings exceeded $25 billion

BlackRock officially updated the holdings of its spot Bitcoin exchange-traded fund iShares Bitcoin Trust ETF (IBIT). As of October 15, IBIT's holdings exceeded 375,000 bitcoins, and the market value of its holdings exceeded $25 billion.

BlackRock CEO Larry Fink recently proposed that Bitcoin is a substitute for other commodities such as gold. In BlackRock's third-quarter 2024 earnings conference call, Fink listed two sets of data: BlackRock iShares Ethereum Trust Exchange Traded Fund (ETF) attracted more than $1 billion in net inflows within two months of listing, and i Shares Bitcoin Trust ETF grew to $23 billion in the first nine months of this year.

Fink noted that these products fit into BlackRock's broader goal of making investing easier and more affordable for investors around the world.