BlackRock Purchases $138 Million Worth of Bitcoin... "Institutions Leading the Rise"

Doohyun Hwang

Summary

BlackRock has recently led the rise in Bitcoin by net purchasing $138 million worth of Bitcoin.
Goldman Sachs has established itself as the largest holder of IBIT, expanding its Bitcoin investment.
It is reported that the continuous buying trend by institutions has positively impacted the rebound in Bitcoin prices.

Global asset management companies such as BlackRock, Goldman Sachs, and Fidelity are once again purchasing Bitcoin (BTC), leading the rise in Bitcoin.

According to The Defiant on the 9th (local time), BlackRock recently acquired a total of $138 million worth of Bitcoin by purchasing 682 BTC in two transactions. This also marks BlackRock's 18 consecutive trading days of net Bitcoin purchases.

Goldman Sachs has emerged as the largest holder of BlackRock's Bitcoin ETF 'IBIT'. Goldman currently holds 30.8 million shares of IBIT, amounting to approximately $1.4 billion. Since December last year, the additional IBIT shares purchased amount to about 6.8 million shares. Additionally, Fidelity's 'FBTC' holds 3.47 million shares. Fidelity also recently purchased $35.3 million worth of spot Bitcoin, securing a total of $104.3 million in Bitcoin assets along with BlackRock in a single day.

There is analysis that this institutional buying trend has also influenced the rebound in Bitcoin prices. On this day, Bitcoin is trading at around $103,040 on the Binance Tether (USDT) market, up 0.13% from the previous day.

BTC