BlackRock Increases Bitcoin Holdings Amid Market Recovery, Signaling Potential Opportunity
Recently, the cryptocurrency market has shown positive signs of recovery, with asset management leader BlackRock significantly boosting its Bitcoin (BTC) investments.
On September 28, 2024, the firm acquired 1,684 BTC, valued at approximately $110.7 million, according to data from on-chain analytics provider Lookonchain.
Over a span of just four days, BlackRock added a total of 7,578 BTC worth about $497.6 million, highlighting its confidence in Bitcoin’s potential for future growth. This brings BlackRock’s total BTC holdings to 365,310, equating to roughly $24.04 billion.
READ MORE: BlackRock Executive Claims Bitcoin Should Be Seen as a Safe Haven
Despite these substantial acquisitions, Bitcoin’s price has remained relatively stable, trading around $65,760, with only a slight decrease of 0.15% over the past day. Additionally, trading volume has dropped by nearly 53%, suggesting diminished interest from the broader investor community.
This hesitance among traders might stem from concerns about a potential market downturn, but BlackRock’s recent purchases could indicate a favorable buying opportunity for savvy investors.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
