BlackRock’s Bitcoin Buying Spree Dwarfs ETF Selling in Past 3 Weeks
Highlights
- BlackRock increased crypto holdings significantly, showing a growing commitment to the sector.
- Bitcoin and Ethereum ETFs see record inflows, indicating rising institutional interest.
- SEC delays decision on Ethereum ETF options, highlighting regulatory challenges.
BlackRock manages more than any asset manager in the world and recently added 182 Bitcoin and 2.42K Ethereum to its cryptocurrency position.
Now, all in all, it holds 357k BTC and 350k ETH. The value of these assets is over $23 billion, and with this, the company positions itself even stronger in the expanding cryptocurrency landscape, pinpointing its commitment to this up-and-coming financial sector.
Bitcoin ETFs Attract Massive $136M Inflow, Led by BlackRock
Such development materialized in the form of inflows into Bitcoin exchange-traded funds, which reached the astonishing level of $136 million last September 24. In the detailed view, BlackRock’s IBIT ETF was in front with $98.9 million in attracted inflow, while Bitwise’s BITB ETF came in second at $17.4 million and Fidelity’s FBTC ETF followed suit with $16.8 million. Grayscale’s BTC ETF had a more modest inflow of $2.9 million.
Ethereum ETFs also had a high demand, with total inflows reaching $62.5 million. Among those, the company’s ETHA dominated the investor interest, with a haul of $59.3 million, while VanEck’s ETHV and Invesco’s QETH attracted inflows of $1.9 million and $1.3 million, respectively. This shows that there is increasing institutional interest in Bitcoin and Ethereum.
With the latest acquisition, the asset manager’s Ethereum reserves now stand at 350,000 ETH, worth around $989 million, according to data from blockchain analytics firm Arkham Intelligence.
SEC Delays Decision on BlackRock, Bitwise Ethereum ETF Options
While this world’s largest asset manager is forging ahead with the crypto market, it also faces regulatory hurdles. In late September, the U.S. The SEC also postponed its decision on approving options trading for Ethereum ETFs by the company and Bitwise, extending the review deadlines to November 10 and 11, respectively.
This is weeks after the SEC approved options trading for the company’s IBIT Bitcoin ETF on September 20. A move that shows just how careful the SEC is in not wanting to rush into something that may hurt the general financial markets later on with Ethereum ETFs.
The careful approach taken by the government signifies a similar kind of caution while taking digital assets deeper into traditional protocols.
Crypto Journey: From Cautious Observer to Active Investor
This asset manager’s venture into the crypto space began rather cautiously, first reportedly forming a working group back in 2018 to assess blockchain and digital assets.
Fast track to 2020, and the firm went from spectator to active investor when it filed with the SEC to add Bitcoin futures to two of its funds.
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