BlackRock Bitcoin Holdings At Par With MicroStrategy, 500 Days of Bitcoin Bull Run Loading

The BlackRock Bitcoin ETF (IBIT) has been scooping massive BTC supply with daily inflows crossing 100s of millions of dollars. As it turns out, the Bitcoin holdings of IBIT have now crossed 200,000 keeping them at par with that of MicroStrategy.

Microstrategy vs Blackrock bitcoin holdings pic.twitter.com/rPzYZ1jHIw

— zerohedge (@zerohedge) March 13, 2024

BlackRock Scoops 10% Bitcoin Supply in 60 Days

Over the course of the last 60 days, BlackRock’s ETF IBIT has made significant strides in accumulating approximately 200,000 Bitcoin, marking a substantial portion equivalent to 10% of the total Bitcoin supply available across all exchanges.

This accumulation by BlackRock’s ETF prompts speculation on how many additional 60-day periods it would take for the entity to acquire another 10% of the available Bitcoin supply. Analysts are closely monitoring this development, as the continued accumulation of Bitcoin by institutional investors like BlackRock could potentially trigger a parabolic surge in the price of Bitcoin.

The significant inflow of Bitcoin into IBIT underscores the growing institutional interest in cryptocurrency assets and their perceived value as a hedge against traditional market uncertainties.

While BlackRock’s Bitcoin holdings stand at par with MicroStrategy’s, some crypto members stated the clear difference that MicroStrategy holds its entire Bitcoin stash while BlackRock holds on behalf of clients. On the other hand, MicroStrategy continues to raise its Bitcoin holdings with the latest proposal to raise an additional $500 million in convertible notes.

500 Days of Bitcoin Bull Run Loading

Renowned crypto analyst Ali Martinez delves into the historical trends surrounding Bitcoin halving events, shedding light on the timeframes between halvings and subsequent market peaks.

Martinez’s analysis reveals that following the 2012 Bitcoin halving, Bitcoin reached its peak within 367 days. Subsequent to the 2016 halving, Bitcoin experienced a surge to a market top in 526 days. Following the most recent halving in 2020, it took 547 days for Bitcoin to reach its peak.

Drawing from historical data, Martinez suggests that despite potential minor fluctuations in price, the observed patterns indicate that the market is still a considerable distance away from a potential Bitcoin market top.

According to Bitcoin analyst Willy Woo, the daily inflows into Bitcoin are depicted in the visualization, represented by a rolling 7-day average. The dark green area indicates the influx originating from US Spot ETFs. Willy Woo suggests that while the ETFs are in their initial stages, it may take institutions and wealth management platforms a few months to complete due diligence before initiating proper allocation.