BlackRock Buys 11.5K BTC Amid Dip, ETF Dominates
January 14, 2023
January 14, 2023
January 14, 2023
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BlackRock
reportedly bought 11,500 Bitcoin during the recent market dip, representing a significant move in the market.
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BlackRock's Purchase
This acquisition amounts to about 13 days' worth of Bitcoin production, considering only 900 BTC are issued daily.
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Magnitude of Purchase
BlackRock's CEO, Larry Fink, now sees Bitcoin as a "viable asset class," reflecting a changing sentiment among traditional finance leaders.
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Larry Fink's View
BlackRock's IBIT ETF drove 25% of trading volume in a two-day span, indicating significant market impact.
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iShares BTC Trust Impact
Absorbing 46,000 BTC in two days, exceeding daily production, hints at a potential Bitcoin supply crunch.
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Supply Crunch Potential
Successful Bitcoin ETF launches, notably BlackRock's IBIT, signal rising institutional interest and potential supply tightening.
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Institutional Interest
Post-ETF approval, $1.4 billion inflows in two sessions, BlackRock's IBIT leads with $497.7 million, indicating a robust market response.
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Bitcoin ETF Inflows
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