BlackRock Pours Over $1B into Bitcoin & Ethereum ETFs During Dip — What Do They Know?
Main Idea
BlackRock invested over $1 billion in Bitcoin and Ethereum ETFs during a market dip, signaling strong institutional interest and confidence in crypto assets despite recent inflation-driven sell-offs.
Key Points
1. BlackRock purchased 4,428 BTC ($526M) and 105,900 ETH ($488M) for its ETFs on August 14, totaling over $1 billion in a single day during a market downturn.
2. The buying spree occurred after hotter-than-expected U.S. Producer Price Index (PPI) data triggered a crypto market sell-off, with Bitcoin and Ethereum dropping sharply.
3. BlackRock's crypto holdings now total around $100 billion, making it the largest institutional holder of Bitcoin ($90.36B) and Ethereum ($15.07B).
4. Ethereum ETFs saw $639.61 million in inflows on the same day, outpacing Bitcoin ETFs, which recorded $230.93 million in net inflows.
5. Analysts suggest the move reflects institutional strategy to buy during market weakness, anticipating improved macro liquidity conditions and potential Federal Reserve rate cuts.
Description
The world’s largest asset manager, BlackRock, stunned the cryptocurrency market this week by snapping up more than $1 billion worth of Bitcoin and Ethereum for its exchange-traded funds (ETFs) in a single day, right in the middle of one of the sharpest market pullbacks of the summer. On August 14, just hours after hotter-than-expected U.S. Producer Price Index (PPI) data sent crypto prices tumbling, BlackRock’s iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) executed one of their ...
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