BlackRock just bought over $250m Bitcoin

On June 17, BlackRock bought another $250 million worth of Bitcoin ( BTC ), continuing its six-day buying streak and bringing its total BTC holdings to $70.63 billion, according to Arkham. BlackRock’s running inflow trend has so far amounted to $1.4 billion, while the combined U.S. BTC exchange-traded fund ( ETF ) market cap has been pushed to over $133 billion, as per CoinMarketCap. BlackRock BTC holdings. Source: Arkham In other words, BTC ETFs now account for around 22.98% of the global spot volume, a significant increase from the 13.2% seen exactly one year ago on June 18, 2024. Bitcoin ETF demand In the wake of BlackRock’s new purchase, Bitcoin price briefly rose past the $105,500 mark again, although it’s still down significantly from its weekly high of $109,714, currently trading at $104,830. BTC 7-day price chart. Source: Finbold Despite the dip, institutional demand remains strong, with BlackRock’s competitor Saylor Strategy, for example, now holding 590,000 BTC. Bitcoin short-term price analysis short-term volatility is most likely to conitnue due to rising geopolitical tensions. Indeed, BTC dipped as low as $102,822 following President Trump’s June 17 warning to Iran. What’s more, the market appears to be in a state of uncertainty in preparation for today’s Federal Open Market Committee Caution (FOMC) meeting, especially in regard to future rate cuts that could affect Bitcoin. Featured image via Shutterstock The post BlackRock just bought over $250m Bitcoin appeared first on Finbold .

Source: Finbold