LookOnChain reported last night that BlackRock’s massive Bitcoin buying spree is continuing. They revealed that BlackRock purchased another 1,684 BTC, worth around $110.7M.
This means that BlackRock has bought 7,578 BTC worth $497.6M in the past 4 days and now holds a total of 365,310 BTC or $24.04B! These are truly staggering numbers.
With massive Bitcoin ETF inflows this week, we might be in for an interesting October when it comes to the BTC price.
However, the Bitcoin price remained relatively calm this week, hovering in the $65,300-$65,700 range after climbing about 4% during the week.
BlackRock bought another 1,684 $BTC($110.7M)!#BlackRock(IBIT) has bought 7,578 $BTC($497.6M) in the past 4 days and now holds a total of 365,310 $BTC($24.04B).https://t.co/2UQKKBxzrT pic.twitter.com/Xf6FdWdCeN
— Lookonchain (@lookonchain) September 28, 2024
Why BlackRock’s Bitcoin Purchases Could Be Bullish for BTC
BlackRock’s continued Bitcoin purchases could be seen as bullish for BTC price for a few reasons. First, it shows that one of the world’s largest asset managers has confidence in Bitcoin as a long-term investment. This kind of institutional backing can encourage other big players to enter the market.
Lastly, BlackRock’s involvement brings more legitimacy to Bitcoin in the traditional finance world. This could lead to increased adoption and investment from both institutions and retail investors, potentially pushing the Bitcoin price higher.
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Of course, it remains to be seen what will happen with Bitcoin and the broader crypto market in October. Many were anticipating a “red” September and we ended up doing completely the opposite, so you never know in crypto.
Read also: How Much Could 20,000 KAS Be Worth by 2025? Kaspa Price Prediction
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The post BlackRock Goes on a Massive Bitcoin Buying Spree – What Does It Mean for BTC Price? appeared first on CaptainAltcoin.
