Last Wednesday, a new massive acquisition by BlackRock shook up the bitcoin market, with the purchase of an impressive 2,913 BTC, worth $184.3 million. This move comes amid a rebound in inflows to exchange-traded funds (ETFs) in the United States, a sure sign of the growing interest in bitcoin. The acquisition by the asset management giant not only reaffirms BlackRock’s dominance in the crypto space, but also strengthens the United States’ position as the undisputed leader in the bitcoin market.
BlackRock and Bitcoin: a strategic alliance to dominate the market
BlackRock, known for its influence on global financial markets, has made a bold choice by betting on Bitcoin.
Last Wednesday's purchase marks another step in the company's strategy, which now holds an impressive total of 359,279 BTC, worth approximately $23 billion.
The acquisition, the largest made in a single day in September, demonstrates a desire to strengthen its position in the cryptocurrency market, an initiative that appears to have borne fruit.
The resurgence of interest in Bitcoin ETFs in the US has played a key role in this dynamic. After a period of slowdown observed in July, inflows have picked up significantly, supported by pent-up demand for indirect exposure to Bitcoin.
BlackRock, with its iShares Bitcoin Trust (IBIT), has capitalized on this growing demand by solidifying its dominant position among Bitcoin ETF issuers. This strategic move now puts the United States at the top of the market, far surpassing players like MicroStrategy, which holds 107,059 BTC less.
BlackRock's rise in the crypto market reflects a broader trend: the United States is becoming a hotspot for institutional Bitcoin investors.
This growing craze for Bitcoin ETFs reflects a profound change in the perception of Bitcoin, once seen as a risky alternative, and now considered a serious and promising investment asset.
ETFs: An Engine for the Rise of the United States
BlackRock's acquisition not only strengthens the company's position; it also highlights a broader phenomenon: the revival of Bitcoin ETFs in the United States.
Indeed, bitcoin-dedicated exchange-traded funds initially had a meteoric rise, with record net flows in March and June, before experiencing a temporary slowdown. But this lull was only short-lived.
Since then, ETFs have regained momentum, recording consecutive multi-day inflows. The rally culminated last Wednesday with a total of $105.8 million in inflows in a single day.
Among these flows, the BlackRock iShares Bitcoin Trust and the Bitwise Bitcoin ETF stand out as the only products to see net inflows on the day, while others, such as Fidelity and Ark 21Shares, saw outflows.
This contrast marks a clear distinction between winners and losers in this changing market.
This renewed interest in Bitcoin ETFs only underscores the renewed appetite of institutional investors for crypto.
The 30-day indicators now show positive flows, confirming a turnaround in trend after a difficult period.
Investors appear more eager than ever to incorporate bitcoin into their portfolios, whether through direct exposure or through derivatives like ETFs.
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