Now, BlackRock holds nearly $24 billion worth of Bitcoin (BTC) on behalf of its Btc Spot ETF investors. BlackRock’s CEO declared himself a “big Bitcoin believer.”
BlackRock is a world-famous fund management firm, managing nearly $10 trillion, a figure larger than the GDP of many countries. Earlier this year, the United States Securities and Exchange Commission (SEC) approved several Bitcoin spot ETF applications, including BlackRock’s IBIT.
On Friday of this week, the U.S. Bitcoin spot ETF market saw net inflows of $494.4 million, the highest since $886.6 million on June 4.
Bitcoin spot ETFs had a total net inflow of $494 million on September 27, continuing net inflows for 7 consecutive days. Ark Invest and 21Shares' ETF ARKB had an inflow of $203 million, and Fidelity ETF FBTC had an inflow of $124 million. https://t.co/59u0BnEqLG pic.twitter.com/UqzAYxmQww
— Wu Blockchain (@WuBlockchain) September 28, 2024
As per available records, BlackRock now holds a total of 365,310 BTC on behalf of BTC spot ETF investors, corresponding to $24 billion at the current Bitcoin trading price.
In a recent interview, BlackRock CEO Larry Fink said, “For the first three years I was a naysayer, and about two years then I switched and I’m a big believer (in #Bitcoin).”
🇺🇸 FINK: “For the first three years I was a naysayer, and about two years then I switched and I’m a big believer (in #Bitcoin).” BlackRock now #HODL 365,310 BTC worth over $24 billion! 🔥 pic.twitter.com/KA4lydN8zI
— Cointelegraph (@Cointelegraph) September 29, 2024
At the current price level of Bitcoin, more than 84% of Bitcoin investors are in net profit, meaning that investors are confident with Bitcoin investment.
📈84% of #Bitcoin holders are now in profit as Bitcoin stays strong above $63k. pic.twitter.com/DKL8IAnAjH
— Kashif Raza (@simplykashif) September 28, 2024
Bitcoin Price Action
The current trade price of Bitcoin is $65,693, and this price has remained calm for the last 24 hours.
A popular Bitcoin analyst shared his analysis, pointing out that the U.S. Dollar Index (DXY), which measures the dollar’s strength against other currencies, is breaking down from a strong support level. This suggests the dollar’s value might drop soon. Since Bitcoin (BTC) and the dollar tend to move in opposite directions, the weakening dollar could lead to a rise in Bitcoin’s price. The analyst believes this is a big opportunity for Bitcoin, and the crypto market could see a significant rise soon.
#DXY #Bitcoin This is HUGEA major breakout of the Dollar Index multi-year support is happening on the monthly timeframe. This is highly significant.As you may know, the Dollar Index and risk assets like #BTC are inversely correlated.Crypto is ready to fly soon! 🚀 pic.twitter.com/Nb0mcxnN7b
— Titan of Crypto (@Washigorira) September 28, 2024
Read also: FTX Creditors Are Only Getting Back 10% to 25% of Their Funds: Repayment plan revised!
