TL;DR
- BlackRock increases its Bitcoin holdings to 403,725 BTC, valued at $27.73 billion.
- Ethereum ETFs see net outflow of 2,917 ETH, reflecting a lack of interest in the market.
- Total Bitcoin holdings in major ETFs reach 972,575 BTC, with positive net flows over the past week.
Asset management giant BlackRock has reached a new milestone in its cryptocurrency investment strategy by raising its Bitcoin holdings to 403,725 BTC, equivalent to approximately $27.73 billion.
This information was reported by Lookonchain, a recognized source in the analysis of digital asset flows.
Oct 28 Update:
10 #Bitcoin ETFs
NetFlow: +5,246 $BTC(+$360.28M)🟢#Blackrock(iShares) inflows 4,369 $BTC($300M) and currently holds 403,725 $BTC($27.73B).9 #Ethereum ETFs
NetFlow: -387 $ETH(-$973K)đź”´https://t.co/dFLYQIWNen pic.twitter.com/SXfSqF3eew— Lookonchain (@lookonchain) October 28, 2024
In the last day alone, the firm added 4,369 BTC, worth close to $300 million, underscoring its growing influence in the Bitcoin market.
BlackRock’s iShares ETF has been a key driver behind this surge, with a total of 17,110 BTC acquired in the past week, representing a significant investment of around $1.18 billion.
This growth in Bitcoin holdings comes in a context in which other ETFs are also showing mixed movements.
For example, Fidelity‘s ETF reported an inflow of 1,071 BTC, evidencing continued investor interest in this cryptocurrency.
However, the outlook is not as rosy for Ethereum.
Although Ethereum ETFs hold a total of 2,765,649 ETH, valued at approximately $6.9 billion, they have faced a negative net inflow of 2,917 ETH over the past week.
This decline reflects a growing disinterest in Ethereum compared to the resurgence of Bitcoin.
In particular, the Grayscale Ethereum Trust, which holds the largest amount of Ethereum among ETFs, saw a sizable outflow of 14,841 ETH, indicating a worrying trend for Ethereum investors.
Impact of iShares by Blackrock on the Crypto Market
BlackRock‘s growing accumulation of Bitcoin highlights the importance of institutional adoption in the cryptocurrency market.
The trust of such a significant player could serve as a turning point to attract other institutional investors.
As Bitcoin holdings in major ETFs reach a total of 972,575 BTC, with a positive net inflow of 14,782 BTC in the past week, one can anticipate a potential increase in attention towards Bitcoin as a viable asset.
On the other hand, the decline in Ethereum ETFs may be related to several factors, including changes in market perception about the potential of the second–largest cryptocurrency by market capitalization.
The selling pressure that Ethereum has faced could be an indication that investors are re-evaluating their positions and looking for opportunities in Bitcoin, which has shown greater resilience in recent weeks.
BlackRock‘s recent surge in Bitcoin holdings, combined with declining interest in Ethereum, suggests the cryptocurrency landscape is constantly evolving.
As more institutions enter the space, ETF performance and investment trends will continue to be a crucial topic to follow in cryptocurrency market analysis.
