BlackRock's Bitcoin ETF Demand Caused Bitcoin (BTC) Rush

A few weeks ago, asset manager BlackRock filed a Bitcoin ETF application with the SEC. The procedure had important consequences on the crypto market. Effects that are still felt today.

Sharks and whales have bought $2.14 billion worth of bitcoins since June 17

BlackRock’s recently introduced Bitcoin ETF application has not left bitcoin supporters indifferent. According to the latest information, bitcoin sharks and whales have flocked to the asset in droves.

Thus, it would be $ 2.14 billion in bitcoins that they would have acquired since the introduction of the request on Saturday June 17th. According to data from the crypto analysis platform Santiment, this sum would cover the acquisition of 71,000 BTC over the period.

What to remember about this trend, is that for the past three weeks, investors’ appetite for bitcoin has been active. This dynamic is directly linked to the Bitcoin ETF procedure launched by BlackRock.

The approach initiated by this giant of global finance speaks volumes about the relevance acquired by the assets of the latter. This could explain why the craze around the flagship crypto does not run out of steam. This, even as the crypto price seems to be stagnating.

Assets have not changed much since reaching the $30,000 mark for the second time this year. A drop in speed which should not block the adoption of the flagship crypto.

This is also the opinion shared by some members of the crypto community in the wake of the initiative undertaken by BlackRock. Someone like Anthony Scaramucci especially thinks that bitcoin could be adopted by the masses. This, provided that major financial institutions like BlackRock are part of this trend.

Some like Invesco or WisdomTree didn’t wait long to get into the Bitcoin ETF race. For now, there is no guarantee that they will win their case, even if a 50% chance leans on their side.

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