BlackRock’s iShares Bitcoin Trust just hit a milestone that’d make even the toughest wise guy jealous, 600,000 BTC under management.
To put it in perspective, it’s three times what Fidelity’s holding, and don’t even ask about the rest of the crew. BlackRock’s got the biggest slice of the pie, and they’re not shy about it.
Frenzy
The last week? Like a feeding frenzy. U.S. spot Bitcoin ETFs sucked in $3.9 billion in just eight days.
BlackRock’s IBIT alone grabbed 2,273 BTC in a single day worth nearly $217 million, pushing their stack to 601,209 BTC.
That’s about 3% of all the Bitcoin in the world. You want to talk about market movers? This is it.
Other big players like Fidelity, ARK, Grayscale, they’re bleeding coins. Fidelity saw 917 BTC walk out the door, ARK lost 2,389, and Grayscale let go of 103 BTC in a single day. But BlackRock?
They’re buying when everyone else is selling, snapping up over 10,000 BTC like it’s going out of style.
This is how the ETF machine doing its thing. Investors want IBIT, BlackRock buys the Bitcoin. Simple as that.
Hand
But here’s where it gets interesting-and maybe a little worrisome. Bitcoin’s price is climbing, brushing up against $95,000.
You’d think the whole market would be buzzing, right? Wrong. Trading volumes are actually dropping.
That’s what the analysts call a bearish divergence. Translation, prices are up, but the crowd’s not behind it.
It’s the big institutional players, ETFs, corporations, driving this rally, while the little guys, the retail traders, are sitting on their hands.
It’s like watching a high-stakes poker game where only the whales are betting big, and everyone else is just watching from the cheap seats.
Sure, ETF inflows mean more Bitcoin gets scooped up, which pumps the price. But if nobody else joins the party, how long can this last? That’s the million-dollar question.
Performance
Still, you can’t argue with the scoreboard. Bitcoin’s up 1.6% this week, outpacing the rest of the crypto market.
Over the last month, it’s up more than 16%, and year-on-year, it’s jumped over 50%. The bulls are running, but the street’s a little too quiet for comfort.
So, is this the start of a new era, or just a setup for the next shakeout? Either way, BlackRock’s not just playing the game, but it seems they’re rewriting the rules.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.
