BlackRock's Bitcoin Buying Soars with 529 BTC Added

Arkham Intelligence reports (via Coingape) that the world's largest asset management, BlackRock, has been increasing its wagers on Bitcoin

Asset management behemoth BlackRock is continuing its Bitcoin buying spree by adding 529 BTC to its holdings, which now total 359,606 BTC. This aggressive accumulation is fueling optimism about Bitcoin reaching the $70,000 milestone.BlackRock Adds 529 BTC to Holdings, Total Now 359,606 BTC

According to data from Arkham Intelligence (reported by Coingape), BlackRock is doubling down on Bitcoin as a hedge against a wide range of risks.

The company's latest filing with the U.S. Securities and Exchange Commission (SEC) reveals that its total Bitcoin holdings now stand at 359,606 BTC, up from 359,077 BTC in the previous filing. This addition of 529 BTC to BlackRock's portfolio marks a slight increase in its Bitcoin holdings.

Investors can gain direct exposure to Bitcoin through BlackRock's iShares Bitcoin Trust (IBIT), which holds the bulk of these BTC holdings.

Bitcoin is being touted as a “risk-off” asset despite conventional wisdom classifying cryptocurrencies as inherently risky, thanks to the asset manager's asset classes.

BlackRock's head of digital assets, digital assets, explained that Bitcoin is distinct from conventional risk-on assets like stocks because of its decentralized nature, lack of sovereignty, and scarcity on a global scale.

On the other hand, BlackRock's iShares Bitcoin Trust soaked up the largest single-day inflow in the past 30 days, receiving over $99 million of Bitcoin.

Institutional interest in gaining exposure to Bitcoin through regulated ETFs, which provide an easier way for investors to capitalize on the price appreciation of Bitcoin, has surged. This institutional interest has fueled the ETF's impressive performance.

Despite the poor state of the economy, which has seen stock and bond markets battered this year, the ETF's success is particularly noteworthy. Mitchnick's latest remarks echo BlackRock's earlier stance on Bitcoin as a diversifier, highlighting its tendency to perform well during periods of market volatility.

This latest acquisition by the asset manager also coincides with growing market confidence in Bitcoin, especially in the fourth quarter, which is typically a good period for the cryptocurrency and expectations of further gains in Q4.

Bitcoin's price has risen over 5% in the past week, reaching a high of $64,440. As the price continues to rally, analysts are eyeing potential resistance levels near $70,000, with some predicting that the bullish trend could push prices as high as $172,800 by the end of 2024.